Financial Planning Company – Carol Stream, Illinois
The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make smart investment choices, but there's much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, offering a road map for action. Having a financial plan - and sticking with it - provides you with a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Carol Stream, Illinois
Frequently folks say that they are saving for retirement or saving for their child's education. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you are not sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it provides peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Carol Stream, Illinois
Many people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions 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 each year to achieve these targets, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your needs and that you are doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Don't forget, it isn't about the returns an investment produces; it's about the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the potential 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 which is awaiting you.
Impact of Financial Planning - Carol Stream, Illinois
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 different aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - 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 overall, and you will see your ability to recognize your financial goals really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we will be happy to help you!
