Financial Planning – Kenilworth, Illinois

The most popular misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make sensible investment decisions, but there's so much 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 smarter decisions by turning vague targets into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - will give you a real advantage with regards to planning your retirement and other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Kenilworth, Illinois

Often people say that they are saving for retirement or saving for their children's schooling. They sound like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much should you save and by when? If you're not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it gives you peace of mind and self-assurance. Whenever 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 decisions.

Certified Financial Planners - Kenilworth, Illinois

Many people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed 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 each year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your situation and that you're doing something positive 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 a problem seen too frequently with clients. If you're devoted to the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment generates; it's about the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's waiting for you.

Impact of Financial Planning - Kenilworth, Illinois

The impact of sound financial planning on overall 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 elements of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes on the wheel. Once you start to make progress along each one of those spokes, you are going to start to gain traction all round, and you'll see your ability to recognize your financial goals really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have planned out a financial path enjoy greater well-being, fret less, sleep much better and have strong relationships.

Financial Planning is a life process. Essentially, you should meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.

For more details, please do not hesitate to contact us at any time and we'll be happy to help you!