Financial Planning – Burbank, Illinois
The most popular misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment choices, but there is a lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, supplying a road map for action. Having a financial plan - and sticking with it - will give you a real edge with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Burbank, Illinois
Frequently individuals say that they are saving for retirement or saving for their children's schooling. They sound like distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and also by when? If you aren't sure whether you will have enough to live on post-retirement, it can create anxiety. But when you know what you have to 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 house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Burbank, Illinois
Many people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide 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 son or daughter's education as your financial goals, but you only have Rs. 1,000 extra every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go financially.
Missing the big picture is a problem seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose has an effect on the after-tax return. Don't forget, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're worried about 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 which is waiting for you.
Impact of Financial Planning - Burbank, Illinois
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each one of the various components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you are going to start to gain traction all round, and you'll see your ability to recognize 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 appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more details, please don't hesitate to contact us at any time and we will be glad to help you!
