Financial Planning – Glendale Heights, IL
The most prevalent misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there's so much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic method that can help you make better decisions by turning vague objectives into concrete strategies, supplying a map for action. Having a financial plan - and sticking to it - gives you a true advantage with regards to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Glendale Heights, IL
Frequently people say that they are saving for retirement or saving for their children's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and also by when? If you're not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it provides peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Glendale Heights, IL
Most people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your needs and that you're doing something positive for your financial situation. Financial planning provides a road map with an action plan that - if implemented faithfully - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you realize that the type of investment you choose has an effect on the after-tax return. Remember, it isn't about the returns an investment creates; it comes down to the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're concerned about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's waiting for you.
Influence of Financial Planning - Glendale Heights, IL
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you start to make progress along each one of those spokes, you'll start to gain traction all round, and you'll see your ability to understand your financial targets really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as soon as possible in your lifetime and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more information, please don't hesitate to contact us at any time and we'll be glad to help you!
