Financial Planning Company – Lombard, IL
The most prevalent misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment choices, but there's much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic process that helps you make smarter decisions by turning vague targets into concrete plans, giving a guide for action. Having a financial plan - and sticking to it - gives you a true edge with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lombard, IL
Often people say that they are saving for retirement or saving for their children's schooling. They seem like precise goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and also by when? If you aren't sure whether or not 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 offers peace of mind and self-assurance. 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 Planner - Lombard, IL
Many people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices and prudently use the limited resources for attaining 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 targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning provides a road 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 often with clients. If you're centered on the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are susceptible to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment creates; it comes down to the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're concerned about 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 awaiting you.
Impact of Financial Planning - Lombard, IL
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each of the different elements of your financial life - like buying a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you'll begin to gain traction all round, and you will see your ability to understand your financial goals really start to take off. Additionally, everyone knows that one of the greatest sources 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 better and have strong relationships.
Financial Planning can be a life process. Preferably, 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 are on the right track.
For more details, please do not hesitate to contact us at any time and we will be happy to help you!
