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Financial Planning – Barrington

The most popular misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there's much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make smarter decisions by turning vague targets into concrete strategies, providing a guide for action. Having a financial plan - and sticking with it - will give you a real advantage when it comes to planning your retirement as well as other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Barrington

Frequently people say that they are saving for retirement or saving for their children's schooling. They seem like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create anxiety. But when you know what you should 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 mothers and fathers, financial planning can help you make better-informed decisions.

Certified Financial Planners - Barrington

Most people don't have limitless 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 restricted resources for reaching 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 targets, 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 situation and that you are doing something positive for your financial situation. Financial planning provides a road map with an action plan that - if followed diligently - will take you where you want to go financially.

Missing the big picture is a problem seen too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose affects 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 hands. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned with 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's waiting for you.

Impact of Financial Planning - Barrington

The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different components of your financial life - like buying a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction all round, and you will see your ability to realize your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.

Financial Planning is really a life process. Preferably, you should meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.

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

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