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Financial Planning – Berwyn

The most prevalent misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make intelligent investment decisions, but there's 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 targets. It's a holistic method that helps you make better decisions by turning vague goals 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.

Financial Planning For the Future - Berwyn

Often folks say that they are saving for retirement or saving for their children's schooling. They could be seen as distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much should you save and by when? If you are 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 self-assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed decisions.

Certified Financial Planner - Berwyn

The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated options and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your needs and that you are doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.

Missing the big picture is an issue seen too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Don't forget, it isn't about the returns an investment creates; it's about the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the 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 money you'll have because of the tax liability that is waiting for you.

Influence of Financial Planning - Berwyn

The impact of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the various elements of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you'll begin to gain traction all round, and you'll see your ability to realize your financial targets really begin to take off. Further, 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 really a life process. Preferably, you need to meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.

For more details, please don't hesitate to contact us at any time and we'll be glad to help you!

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