Financial Planning Company – Melrose Park
The most popular misconception 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 method of developing strategies to help you manage your financial affairs efficiently and meet financial goals. It's a holistic process that can help you make smarter decisions by turning vague goals into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - will give you a true edge when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Melrose Park
Frequently individuals say that they're saving for retirement or saving for their little one's schooling. They seem like specific goals, but they're really quite vague. Financial planning can discover the important numbers - How much do you need to save and also by when? If you're not sure whether or not you will 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 provides peace of mind and confidence. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Melrose Park
Many people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable 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 goals, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if implemented faithfully - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For instance, counting 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 health. A Certified Financial Planner can make you realize that the kind of investment you choose has an effect on the after-tax return. Don't forget, it isn't about the returns an investment produces; 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 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's awaiting you.
Impact of Financial Planning - Melrose Park
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 center, each of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin 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 begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, worry 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 set up a long-term relationship. Then meet on a regular basis 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'll be glad to help you!
