Financial Planning Company – Hanover Park, IL
The most popular misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make smart investment choices, but there is so much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, supplying a map for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Hanover Park, IL
Frequently folks say that they are saving for retirement or saving for their child's schooling. They sound like precise goals, but they're really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you're not sure whether you'll 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 self-assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Hanover Park, IL
Most people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated 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 every year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning provides a road map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates could be harmful for your financial health. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're worried about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Hanover Park, IL
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each of the different aspects of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you begin 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 begin to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path enjoy greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is a life process. Preferably, you should meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.
For more details, please do not hesitate to contact us at any time and we will be happy to help you!
