Financial Planning – Mchenry Cary, Illinois

The most typical misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment choices, but there's so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs effectively and meet financial targets. It is a holistic process that helps you make better decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - will give you a real advantage when it comes to planning your retirement as well as other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Mchenry Cary, Illinois

Often individuals say that they are saving for retirement or saving for their children's schooling. They could be seen as distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much should 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 anxiety. But when you know what you have to do and that you are following the financial plan, it offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.

Certified Financial Planner - Mchenry Cary, Illinois

Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated options 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 targets, but you only have Rs. 1,000 extra every year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a specialist has reviewed your needs and that you're doing something positive for your financial situation. Financial planning provides a map with an action plan that - if followed faithfully - will take you where you want to go financially.

Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you understand that the kind 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 potential nest eggs. It's pre-tax returns you are concerned about 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 awaiting you.

Impact of Financial Planning - Mchenry Cary, Illinois

The impact of sound financial planning on over-all 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 elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you start to make progress along every one of those spokes, you are going to begin to gain traction all round, and you will see your ability to understand your financial targets really begin to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.

Financial Planning is a life process. Essentially, you should meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.

For more info, please feel free to contact us at any time and we'll be happy to help you!