Financial Planning Company – Highwood
The most typical misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make sensible investment decisions, 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 goals. It is a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, giving a road map for action. Having a financial plan - and sticking with it - provides you with a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Highwood
Frequently folks say that they are saving for retirement or saving for their children's education. They sound like distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you are not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Highwood
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, but you only have Rs. 1,000 extra every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your circumstances and that you are doing something beneficial for your financial predicament. Financial planning offers a road map with an action plan that - if implemented diligently - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Keep in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hand. Many of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are concerned about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is awaiting you.
Influence of Financial Planning - Highwood
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each of the various aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction overall, and you will see your ability to recognize your financial goals really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more information, please do not hesitate to contact us at any time and we'll be glad to help you!
