Financial Planning Services – Berkeley, Illinois
The most popular 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 choices, but there's so much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs effectively and meet financial goals. It's a holistic method that can help you make smarter decisions by turning vague goals into concrete strategies, giving a map for action. Having a financial plan - and sticking with it - provides you with a real edge when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Berkeley, Illinois
Frequently individuals say that they are saving for retirement or saving for their child's schooling. They could be seen as precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and also by when? If you're not 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 home, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planners - Berkeley, Illinois
Many people do not have limitless 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 limited resources for reaching 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 each and every year to achieve these goals, 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 situation and that you are doing something positive for your financial situation. Financial planning supplies a map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too often with clients. If you're centered on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Keep in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hands. Many of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're concerned 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 awaiting you.
Influence of Financial Planning - Berkeley, Illinois
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each one of the various elements 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 every one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to recognize your financial goals really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning can be a life process. Essentially, you need to meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more details, please feel free to contact us at any time and we will be happy to help you!
