Financial Planning – Carpentersville, IL
The most prevalent misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there is a whole lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague goals into concrete strategies, giving a road map for action. Having a financial plan - and sticking with it - gives you a real edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Carpentersville, IL
Frequently people say that they are saving for retirement or saving for their children's education. They sound like specific goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you are not sure whether you'll 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 offers 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 can help you make better-informed decisions.
Certified Financial Planner - Carpentersville, IL
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions 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 targets, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a professional has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning provides a road map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen all too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Keep in mind, it's not about the returns an investment produces; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're 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 that's waiting for you.
Impact of Financial Planning - Carpentersville, IL
The impact of sound financial planning on over-all 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 middle, each of the different elements of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you'll start to gain traction all round, and you will see your ability to realize your financial targets really start to take off. Further, everyone knows that one of the greatest sources 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 vibrant relationships.
Financial Planning is really a life process. Essentially, you need to meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
For more information, please feel free to contact us at any time and we will be happy to help you!
