Financial Planning Services – Addison, IL
The most typical misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there is 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's a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, offering a guide for action. Having a financial plan - and sticking with it - provides you with a real edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Addison, IL
Often individuals say that they are saving for retirement or saving for their child's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much should you save and also by when? If you are not 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 should do and that you are following the financial plan, it provides peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Addison, IL
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 choices 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 choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your situation and that you are doing something beneficial for your financial situation. Financial planning supplies a map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you understand 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 creates; it's about the net income that comes in your hand. Many of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're worried about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's awaiting you.
Impact of Financial Planning - Addison, IL
The impact of sound financial planning on overall 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 one of the various aspects of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you'll begin to gain traction all round, and you will see your ability to realize your financial goals really start to take off. Further, 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 better and have strong relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as soon as possible in your lifetime and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.
For more information, please feel free to contact us at any time and we'll be glad to help you!
