Financial Planning – Bridgeview, IL
The most popular misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make wise investment choices, but there is a whole lot more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs efficiently and meet financial targets. It is a holistic method that helps you make smarter decisions by turning vague objectives into concrete strategies, offering a map for action. Having a financial plan - and sticking to it - provides you with a real edge when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Bridgeview, IL
Often individuals say that they are saving for retirement or saving for their children's education. They could be seen as specific goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and by when? If you are not sure whether you will 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 provides peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planners - Bridgeview, IL
The majority of 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 informed options 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your needs and that you're doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if followed diligently - will take you where you want to go fiscally.
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 could end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose affects 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 hands. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is awaiting you.
Influence of Financial Planning - Bridgeview, IL
The impact 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 buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so forth - 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 will see your ability to understand your financial targets really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more information, please feel free to contact us at any time and we'll be glad to help you!
