Financial Planning Company – Berkeley, IL
The most typical 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 smart investment choices, but there's a lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make better decisions by turning vague objectives into concrete plans, supplying a road map for action. Having a financial plan - and sticking with it - provides you with a real advantage 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, IL
Frequently individuals say that they're saving for retirement or saving for their child's education. They seem like specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it offers peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Berkeley, IL
Most people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions and prudently use the restricted resources for reaching 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 objectives, a Certified Financial Planner can help you select 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 beneficial for your financial situation. Financial planning supplies a road 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 frequently with clients. If you're centered on the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are worried 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 awaiting you.
Impact of Financial Planning - Berkeley, IL
The impact 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 center, each one of the various aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll start to gain traction all round, and you will see your ability to understand your financial targets really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.
For more info, please feel free to contact us at any time and we will be glad to help you!
