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Financial Planning – Brookfield

The most common misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make intelligent investment choices, but there is much more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, giving a road map for action. Having a financial plan - and sticking to it - provides you with a true advantage when it comes to planning your retirement and other long-term financial and life goals.

Financial Planning For the Future - Brookfield

Frequently individuals say that they're saving for retirement or saving for their little one's education. They sound like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much should you 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 gives you 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 mothers and fathers, financial planning will help you make better-informed choices.

Certified Financial Planners - Brookfield

The majority of 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 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 targets, 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 needs and that you're doing something beneficial for your financial predicament. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go financially.

Missing the big picture is an issue seen too frequently with clients. If you're focused on the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you understand that the kind of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment produces; it's about the net income that comes in your hands. Lots 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 cash you'll have because of the tax liability that's awaiting you.

Influence of Financial Planning - Brookfield

The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the different components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction overall, and you'll see your ability to understand your financial targets really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.

Financial Planning is a life process. Preferably, you should meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.

For more info, please don't hesitate to contact us at any time and we will be happy to help you!

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