Financial Planning Services – Blue Island
The most typical misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make smart investment choices, but there is a whole lot more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic process that can help you make better decisions by turning vague goals into concrete plans, supplying a guide for action. Having a financial plan - and sticking with it - will give you a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Blue Island
Often individuals say that they're saving for retirement or saving for their child's schooling. They seem like distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and also by when? If you are not sure whether or not you will 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 provides peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planners - Blue Island
Most people don't 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 limited 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 and every year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will 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 supplies a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you're devoted to the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner can make you realize that the type of investment you choose affects the after-tax return. Keep in mind, it isn't about the returns an investment produces; it comes down to the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned about and you fail to realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that's waiting for you.
Influence of Financial Planning - Blue Island
The influence of sound financial planning on over-all financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different components of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your ideal 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 will see your ability to understand your financial goals 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 also families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning can be a life process. Ideally, you should meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we will be happy to help you!
