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Financial Planning – Alsip

The most common misunderstanding about 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 choices, but there's much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic process that can help you make better decisions by turning vague objectives into concrete strategies, providing a road map for action. Having a financial plan - and sticking to it - will give you a real advantage with regards to planning your retirement and other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Alsip

Often folks say that they're saving for retirement or saving for their child's schooling. They could be seen as specific goals, however they are really quite vague. Financial planning can find the key numbers - How much should you save and by when? If you aren't sure whether or not you will have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it gives you peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.

Certified Financial Planner - Alsip

Most people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated decisions 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning provides a map with an action plan that - if followed 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 broader long-term implications, then you might end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment generates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're worried about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that is awaiting you.

Impact of Financial Planning - Alsip

The influence 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 of the various elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction all round, and you will see your ability to realize your financial targets 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 have planned out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.

Financial Planning is really a life process. Preferably, you need to meet a financial planner as early 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're on track.

For more info, please don't hesitate to contact us at any time and we'll be glad to help you!

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