Financial Planning Company – Chicago, IL
The most popular misunderstanding about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make wise investment decisions, but there is much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make smarter decisions by turning vague targets into concrete plans, giving a guide for action. Having a financial plan - and sticking with it - gives you a true advantage with regards to planning your retirement and other long-term financial and life goals.
Financial Planning For the Future - Chicago, IL
Frequently individuals say that they are saving for retirement or saving for their children's education. They seem like distinct goals, but they're 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 once you know what you should 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 children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Chicago, IL
Many people don't have limitless resources. In such a scenario, 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 child's education as your financial goals, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning provides a road map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too frequently with clients. If you're centered on the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you realize that the type of investment you choose has an effect on the after-tax return. Remember, it's not about the returns an investment produces; it comes down to the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that is waiting for you.
Impact of Financial Planning - Chicago, 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 heart, each of the different aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin 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 understand your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as soon as possible in your lifetime and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more information, please feel free to contact us at any time and we will be glad to help you!
