Financial Planning Company – Bolingbrook
The most typical misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make sensible 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 effectively and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, providing a guide for action. Having a financial plan - and sticking with it - gives you a true edge when it comes to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Bolingbrook
Often people say that they're 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 important numbers - How much should you save and also by when? If you are not sure whether you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it gives you peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Bolingbrook
Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated decisions 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 every year to achieve these objectives, a Certified Financial Planner will help you select 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 situation. Financial planning provides 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 an issue seen too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Keep in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the potential 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 will have because of the tax liability that's awaiting you.
Influence of Financial Planning - Bolingbrook
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 center, each of the various elements 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 to the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction all round, and you will see your ability to realize 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 planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as soon as possible in your lifetime and generate 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!
