Financial Planning – Bedford Park, IL
The most prevalent misunderstanding about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make intelligent investment decisions, but there's so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial goals. It's a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, offering a map for action. Having a financial plan - and sticking with it - provides you with a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Bedford Park, IL
Often individuals say that they are saving for retirement or saving for their children's education. They could be seen as distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you are not sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to 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 parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Bedford Park, IL
Most people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable decisions and prudently use the limited 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 every 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 a specialist has reviewed your situation and that you're doing something positive for your financial situation. Financial planning supplies 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 are focused on the near-term rather than on much wider long-term implications, then you could 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 susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner can make you understand that the type of investment you choose impacts the after-tax return. Remember, it's not about the returns an investment creates; it's about the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're concerned with 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 which is awaiting you.
Impact of Financial Planning - Bedford Park, IL
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each one of the various components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you start 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 goals 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 families who've planned out a financial path enjoy greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!
