Financial Planning – La Grange, Illinois

The most typical misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make intelligent investment decisions, but there's much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic process that helps you make better decisions by turning vague targets into concrete plans, offering a road map for action. Having a financial plan - and sticking with it - will give you a real edge with regards to planning your retirement and also other long-term financial and life goals.

Retirement Planning/Children's Education Funds - La Grange, Illinois

Often individuals say that they are saving for retirement or saving for their child's education. They could be seen as distinct 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 aren't 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 provides peace of mind and confidence. 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 can help you make better-informed decisions.

Certified Financial Planners - La Grange, Illinois

The majority of 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 options and prudently use the limited 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 reassurance of knowing that a professional has reviewed your needs and that you are doing something positive for your financial situation. Financial planning offers a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.

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 could wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Remember, it's not 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 potential nest eggs. It is pre-tax returns you're concerned with 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 that is waiting for you.

Influence of Financial Planning - La Grange, Illinois

The impact of sound financial planning on over-all financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each one of the various aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you start to make progress along every one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to realize your financial goals really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.

Financial Planning can be a life process. Ideally, you should meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.

For more information, please don't hesitate to contact us at any time and we will be glad to help you!