Financial Planning – Lake Forest, IL
The most popular misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there's a whole lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic method that helps you make smarter decisions by turning vague objectives into concrete strategies, providing a map for action. Having a financial plan - and sticking with it - will give you a real edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Lake Forest, IL
Frequently individuals say that they are saving for retirement or saving for their little one's education. They seem like distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should 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 home, having kids or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Lake Forest, IL
Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices 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 objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your situation and that you are doing something beneficial for your financial predicament. Financial planning provides a road 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 are centered on the near-term rather than on broader long-term implications, then you may end up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you understand that the type of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment produces; it comes down to the net income that comes in your hand. Many 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 cash you will have because of the tax liability that's awaiting you.
Influence of Financial Planning - Lake Forest, 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 heart, each of the various components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you begin 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 understand your financial goals really start to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Essentially, 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 are on the right track.
For more information, please do not hesitate to contact us at any time and we'll be glad to help you!
