Financial Planning – Bedford Park, Illinois

The most popular misunderstanding regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment choices, but there is a lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial targets. It is a holistic process that helps you make better decisions by turning vague targets into concrete plans, giving a road map for action. Having a financial plan - and sticking to it - provides you with a real advantage when it comes to planning your retirement and also other long-term financial and life goals.

Retirement Planning/Children's Education Funds - Bedford Park, Illinois

Often individuals say that they are saving for retirement or saving for their little one's education. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the key 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 when you know what you should do and that you are following the financial plan, it provides peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.

Certified Financial Planners - Bedford Park, Illinois

Many people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your situation and that you are doing something beneficial for your financial predicament. Financial planning supplies a map with an action plan that - if implemented faithfully - will take you where you want to go financially.

Missing the big picture is a problem seen too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you realize that the type of investment you choose impacts 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 do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're worried 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 waiting for 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 middle, 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 and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you'll start to gain traction overall, and you'll see your ability to understand your financial targets really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path enjoy greater well-being, fret less, sleep much better and have strong relationships.

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

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