Financial Planning Services – Hoffman Estates
The most common misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make wise investment choices, but there's a lot more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs effectively and meet financial goals. It is a holistic method that helps you make better decisions by turning vague targets into concrete plans, supplying a road map for action. Having a financial plan - and sticking with it - provides you with a real advantage with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Hoffman Estates
Frequently individuals say that they're saving for retirement or saving for their children's schooling. They could be seen as 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 or not you will have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planners - Hoffman Estates
The majority of people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable decisions and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter'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 reassurance of knowing that a professional has reviewed your situation and that you're doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you might wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Don't forget, it's not about the returns an investment produces; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the potential 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 money you will have because of the tax liability that is awaiting you.
Impact of Financial Planning - Hoffman Estates
The impact 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 center, each of the various aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction overall, and you will see your ability to realize your financial goals really start to take off. Further, we all know that one of the greatest causes 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 really a life process. Ideally, you need to meet a financial planner as soon as possible in your lifetime and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more details, please feel free to contact us at any time and we will be happy to help you!
