Financial Planning – Berwyn
The most common misconception about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make wise investment choices, but there is a whole lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic method that can help you make better decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - will give you a true 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 - Berwyn
Frequently people say that they're saving for retirement or saving for their children's schooling. They sound like distinct goals, but they're really quite vague. Financial planning can discover the important numbers - How much must you save and also by when? If you aren't sure whether or not 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 self-assurance. 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 - Berwyn
Many 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 informed options 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 objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning offers a road 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 much wider long-term implications, then you could wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to understanding 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 realize that the type of investment you choose impacts the after-tax return. Remember, it isn't about the returns an investment generates; it's about the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're concerned with 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's awaiting you.
Influence of Financial Planning - Berwyn
The influence of sound financial planning on over-all 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 one of the various components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you'll begin to gain traction overall, and you'll see your ability to understand 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 cash. 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 really a life process. Essentially, you need to meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet frequently 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 happy to help you!
