Financial Planning Company – Chicago, IL
The most common misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make intelligent investment choices, but there's much more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic method that helps you make better decisions by turning vague goals into concrete plans, providing a road map for action. Having a financial plan - and sticking to it - provides you with a true edge when it comes to planning your retirement and also other long-term financial and life goals.
Financial Planning For the Future - Chicago, IL
Often individuals say that they are saving for retirement or saving for their child's education. They seem like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you aren't 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 should do and that you are following the financial plan, it provides peace of mind and assurance. When 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 choices.
Certified Financial Planner - Chicago, IL
Most 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 choices and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a specialist has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning offers a road map with an action plan that - if implemented 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 are 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, depending on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are susceptible to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you understand that the kind of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment produces; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're worried about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is waiting for you.
Influence of Financial Planning - Chicago, IL
The impact 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 middle, each one of the different aspects of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you start to make progress along each one of those spokes, you are going to start to gain traction overall, and you will see your ability to understand your financial targets really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and set up 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 feel free to contact us at any time and we'll be glad to help you!
