Financial Planning Company – Markham, IL
The most typical misunderstanding regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make sensible investment decisions, but there is so much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, providing a road map for action. Having a financial plan - and sticking to it - will give you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Markham, IL
Frequently individuals say that they're saving for retirement or saving for their child's schooling. They seem like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and also by when? If you're not sure whether 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. Whenever 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 decisions.
Certified Financial Planner - Markham, IL
The majority of people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices and prudently use the limited resources for reaching 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 and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your needs and that you are doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're centered on the near-term rather than on much wider 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 subject to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment generates; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's 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 will have because of the tax liability that is awaiting you.
Impact of Financial Planning - Markham, IL
The impact 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 one of the different elements of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction all round, and you'll see your ability to realize your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Essentially, you need to meet a financial planner as soon as possible in your lifetime 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 info, please do not hesitate to contact us at any time and we will be happy to help you!
