Financial Planning – Blue Island, IL
The most typical misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there is a 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 process that helps you make better decisions by turning vague objectives into concrete plans, giving a map for action. Having a financial plan - and sticking to it - gives you a real advantage with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Blue Island, IL
Often folks say that they're saving for retirement or saving for their little one's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much must you save and also by when? If you're not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should 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 children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Blue Island, IL
The majority of people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner will help you choose 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 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 in financial terms.
Missing the big picture is a problem seen all too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment creates; it comes down to the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're concerned about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that is awaiting you.
Influence of Financial Planning - Blue Island, IL
The influence 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 heart, each of the various elements of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction overall, 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 sources of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you need to meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more information, please do not hesitate to contact us at any time and we will be glad to help you!
