Financial Planning Services – Chicago
The most typical misunderstanding regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make wise investment choices, but there's a whole lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic process that can help you make better decisions by turning vague objectives into concrete plans, providing a road map for action. Having a financial plan - and sticking with it - gives you a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Chicago
Often people say that they are saving for retirement or saving for their children's education. They seem like precise 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 aren't 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 offers peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planners - Chicago
Most people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated choices and prudently use the limited 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 objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your needs and that you're doing something positive for your financial predicament. Financial planning supplies a road map with an action plan that - if implemented faithfully - will take you where you want to go financially.
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 build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you understand that the kind of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment generates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Chicago
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the various components of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you'll begin to gain traction all round, and you will see your ability to recognize your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path enjoy greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning can be a life process. Ideally, you should 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 details, please don't hesitate to contact us at any time and we'll be glad to help you!
