Financial Planning Services – Lake Bluff, IL
The most common misunderstanding regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make intelligent investment decisions, but there is a whole lot more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs effectively and meet financial goals. It's a holistic process that helps you make better decisions by turning vague goals into concrete strategies, giving a road map for action. Having a financial plan - and sticking with it - gives you a real edge when it comes to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Lake Bluff, IL
Frequently people say that they are saving for retirement or saving for their child's education. They seem like specific goals, but they're really quite vague. Financial planning can find the key numbers - How much must you 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 once you know what you have to do and that you are following the financial plan, it gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Lake Bluff, IL
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 knowledgeable options and prudently use the limited resources for reaching 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 each and every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your circumstances and that you're doing something beneficial for your financial predicament. Financial planning supplies a road map with an action plan that - if followed faithfully - 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 are centered on the near-term rather than on much wider long-term implications, then you could wind up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are subject to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is waiting for you.
Influence of Financial Planning - Lake Bluff, IL
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 middle, each one of the different aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes to 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 will see your ability to understand 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 mapped out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more information, please feel free to contact us at any time and we will be glad to help you!
