Financial Planning Services – Berwyn, Illinois
The most prevalent misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there is a whole lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that helps you make smarter decisions by turning vague goals into concrete plans, offering a road map for action. Having a financial plan - and sticking with it - will give you a real advantage with regards to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Berwyn, Illinois
Often people say that they are saving for retirement or saving for their children's education. They sound like precise goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and also by when? If you are not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But when you know what you have to do and that you are following the financial plan, it offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Berwyn, Illinois
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices and prudently use the restricted resources for attaining 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 goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your situation and that you are doing something positive 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 fiscally.
Missing the big picture is a problem seen too frequently with clients. If you are focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are subject to differing tax rates could be harmful for your financial health. 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 creates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're concerned with and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that is waiting for you.
Impact of Financial Planning - Berwyn, Illinois
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 middle, each of the various components of your financial life - like purchasing 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 are going to begin to gain traction overall, and you'll see your ability to recognize your financial goals really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on the right track.
For more info, please don't hesitate to contact us at any time and we will be happy to help you!
