Financial Planning – Berkeley
The most common 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 wise investment choices, but there is a lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic method that helps you make better decisions by turning vague targets into concrete plans, offering a road map for action. Having a financial plan - and sticking to it - gives you a real advantage with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Berkeley
Often people say that they are saving for retirement or saving for their little one's education. They sound like 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'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 gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planner - Berkeley
Most people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated options 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 year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your circumstances and that you're doing something beneficial for your financial predicament. Financial planning offers a road map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you're focused 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 as opposed to knowing that various kinds of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Remember, it isn't about the returns an investment produces; it's about the net income that comes in your hands. Many of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are concerned with 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 is waiting for you.
Influence of Financial Planning - Berkeley
The impact 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 heart, each of the various elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to start to gain traction overall, and you will see your ability to recognize your financial goals really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path appreciate greater well-being, worry 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 set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
For more information, please feel free to contact us at any time and we will be glad to help you!
