Financial Planning Company – Bolingbrook, Illinois
The most popular misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make smart investment choices, but there is a lot more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic process that helps you make better decisions by turning vague objectives into concrete plans, providing a guide for action. Having a financial plan - and sticking to it - will give you a real advantage when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Bolingbrook, Illinois
Frequently individuals say that they are saving for retirement or saving for their child's education. They could be seen as specific goals, however they are really quite vague. Financial planning can discover the important numbers - How much do you need to save and also by when? If you're not sure whether or not you will 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 provides peace of mind and assurance. When 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 choices.
Certified Financial Planner - Bolingbrook, Illinois
Most people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices and prudently use the limited resources for attaining 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 each year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your situation and that you're doing something positive for your financial situation. Financial planning supplies 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 much wider long-term implications, then you might wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are subject to differing tax rates might be harmful for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose has an effect on the after-tax return. Keep in mind, it's not about the returns an investment creates; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's awaiting you.
Impact of Financial Planning - Bolingbrook, Illinois
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each of the various components 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 to the wheel. Once you start to make progress along each one of those spokes, you are going to start to gain traction all round, and you'll see your ability to understand your financial goals really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path enjoy greater well-being, fret 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 establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more info, please do not hesitate to contact us at any time and we will be happy to help you!
