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Financial Planning Services – Carol Stream

The most typical misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make intelligent investment decisions, but there is a lot more to it. Financial Planning is the process of creating 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 objectives into concrete plans, giving a map for action. Having a financial plan - and sticking with it - gives you a real advantage with regards to planning your retirement along with other long-term financial and life goals.

Financial Planning For the Future - Carol Stream

Frequently 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 find the key numbers - How much should you save and also by when? If you're not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it offers 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 parents, financial planning will help you make better-informed decisions.

Certified Financial Planners - Carol Stream

Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer 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 objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning provides a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.

Missing the big picture is a problem seen all too often with clients. If you're centered on the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are subject to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Remember, it isn't about the returns an investment creates; it's about the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that is awaiting you.

Impact of Financial Planning - Carol Stream

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 heart, each of the various elements of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to understand your financial goals really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path enjoy greater well-being, fret less, sleep better and have vibrant relationships.

Financial Planning can be a life process. Essentially, you need to 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 the right 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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