Financial Planning Company – Bedford Park, Illinois
The most prevalent misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment choices, but there is a lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic process that can help you make better decisions by turning vague targets into concrete strategies, providing a map for action. Having a financial plan - and sticking with it - will give you a real edge with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Bedford Park, Illinois
Frequently folks say that they are saving for retirement or saving for their little one's schooling. They sound like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you aren't sure whether you'll 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 offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Bedford Park, Illinois
Most people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated decisions and prudently use the restricted 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 each year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your needs and that you are 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 fiscally.
Missing the big picture is a problem seen too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of knowing that different types of investments are susceptible to differing tax rates might be harmful for your financial health. A Certified Financial Planner will make you understand that the type of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment creates; it comes down to 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's pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is awaiting you.
Impact of Financial Planning - Bedford Park, Illinois
The influence of sound financial planning on over-all financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - 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 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 money. Individuals and also families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more info, please don't hesitate to contact us at any time and we will be glad to help you!
