Financial Planning – Bridgeview, IL
The most prevalent misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make smart investment decisions, but there is so much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic method that can help you make smarter decisions by turning vague objectives into concrete plans, offering a road map for action. Having a financial plan - and sticking to it - gives you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Bridgeview, IL
Often people say that they're saving for retirement or saving for their children's education. They seem like precise goals, however they are really quite vague. Financial planning can find the key numbers - How much should you save and by when? If you aren't sure whether or not you'll 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 assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planners - Bridgeview, IL
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed options and prudently use the restricted 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 reassurance of knowing that a professional has reviewed your needs and that you are doing something positive for your financial predicament. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are subject to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Remember, it isn't about the returns an investment generates; 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're concerned with 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's awaiting you.
Influence of Financial Planning - Bridgeview, IL
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 heart, each one of the various components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - 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'll see your ability to understand your financial goals really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as early 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 track.
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