Financial Planning – Berkeley, IL
The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there is much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic process that can help you make smarter decisions by turning vague targets into concrete plans, supplying a map for action. Having a financial plan - and sticking with it - gives you a real advantage when it comes to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Berkeley, IL
Frequently folks say that they are saving for retirement or saving for their little one's education. 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 by when? If you aren't sure whether you will 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 gives you peace of mind and assurance. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Berkeley, IL
The majority of people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your situation and that you're doing something beneficial for your financial situation. Financial planning provides a road map with an action plan that - if implemented 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 centered on the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you realize that the kind of investment you choose affects 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 hand. Lots of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're concerned about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's waiting for you.
Influence of Financial Planning - Berkeley, IL
The influence 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 center, each of the various aspects of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to realize your financial goals really start 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 have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as soon as possible in your life and establish 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'll be happy to help you!
