Financial Planning – Bellwood, IL
The most popular misconception regarding 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 choices, but there is a whole lot more to it. Financial Planning is the method of developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic process that can help you make better decisions by turning vague goals into concrete strategies, supplying a map for action. Having a financial plan - and sticking with it - gives you 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 - Bellwood, IL
Often people say that they are saving for retirement or saving for their child's schooling. They sound like precise goals, but they're really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you're not sure whether you will have enough to live on post-retirement, it can create 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 children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Bellwood, IL
The majority of people don't have unlimited 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 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 year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your needs and that you're doing something beneficial for your financial predicament. Financial planning provides a road 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 frequently 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 accumulation 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 well-being. A Certified Financial Planner can make you understand that the kind of investment you choose affects the after-tax return. Keep in mind, it isn't 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 are worried about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that is waiting for you.
Impact of Financial Planning - Bellwood, IL
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each one of the various 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 will begin to gain traction all round, and you will see your ability to understand your financial targets really begin to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more information, please don't hesitate to contact us at any time and we will be glad to help you!
