Financial Planning – Burbank, Illinois

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 wise investment choices, but there's a lot more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic process that can help you make better decisions by turning vague objectives into concrete plans, giving a guide for action. Having a financial plan - and sticking with it - provides you with a real advantage when it comes to planning your retirement as well as other long-term financial and life goals.

Retirement Planning/Children's Education Funds - Burbank, Illinois

Often individuals say that they are saving for retirement or saving for their children's schooling. They seem like specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much should you save and 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 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 Planner - Burbank, Illinois

Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options and prudently use the restricted resources for attaining 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 objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your needs and that you're doing something positive for your financial situation. Financial planning provides a map with an action plan that - if followed faithfully - will take you where you want to go financially.

Missing the big picture is an issue seen too frequently with clients. If you are devoted to the near-term rather than on broader 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 rather than understanding that various kinds of investments are susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner will make you realize that the type of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're worried about 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 is awaiting you.

Impact of Financial Planning - Burbank, Illinois

The influence of sound financial planning on overall 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 one of the various aspects of your financial life - like buying 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 every one of those spokes, you will start to gain traction overall, and you will see your ability to recognize your financial goals really start to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who've planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.

Financial Planning can be a life process. Preferably, you need to meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.

For more information, please do not hesitate to contact us at any time and we will be happy to help you!