Financial Planning Company – Lincolnwood, Illinois
The most typical misunderstanding about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make smart investment choices, but there is so much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make better decisions by turning vague goals into concrete strategies, providing a guide for action. Having a financial plan - and sticking to it - gives you a true advantage with regards to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Lincolnwood, Illinois
Frequently individuals say that they're saving for retirement or saving for their child's schooling. They could be seen as precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much should you save and by when? If you are not sure whether or not you'll 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 offers 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 parents, financial planning will help you make better-informed choices.
Certified Financial Planners - Lincolnwood, Illinois
Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated options 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 goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a professional has reviewed your needs and that you're doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too frequently with clients. If you're centered on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making rather than knowing 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 understand that the type of investment you choose impacts the after-tax return. Bear in mind, it isn't about the returns an investment generates; 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's 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 which is awaiting you.
Impact of Financial Planning - Lincolnwood, Illinois
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different components of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you start to make progress along every one of those spokes, you'll start to gain traction all round, and you will see your ability to realize your financial goals really begin to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more information, please do not hesitate to contact us at any time and we will be happy to help you!
