Financial Planning Company – Bridgeview, IL
The most typical misconception regarding 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 decisions, but there is so much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague goals into concrete plans, offering a road map for action. Having a financial plan - and sticking with it - gives you a real edge when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Bridgeview, IL
Often individuals say that they are saving for retirement or saving for their children's schooling. They sound like precise 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 are not sure whether or not you will have enough to live on post-retirement, it can create stress and 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 children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Bridgeview, IL
Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your situation and that you are doing something positive for your financial situation. Financial planning provides a road 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 a problem seen too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you may wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner will make you understand that the type 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 hands. Lots 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 cash you will have because of the tax liability that is waiting for you.
Influence of Financial Planning - Bridgeview, IL
The impact 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 and so on - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to understand your financial targets really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as soon as possible in your life 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 don't hesitate to contact us at any time and we'll be happy to help you!
