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Financial Planning – Chicago Ridge, IL

The most popular misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there's so much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that can help you make better decisions by turning vague goals into concrete strategies, giving a road map for action. Having a financial plan - and sticking to it - will give you a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Chicago Ridge, IL

Frequently individuals say that they are saving for retirement or saving for their little one's schooling. They sound like distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much must you save and also by when? If you aren't 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. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed decisions.

Certified Financial Planner - Chicago Ridge, IL

Most 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 educated 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 every year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your situation and that you're doing something positive for your financial situation. Financial planning offers a road map with an action plan that - if followed diligently - will take you where you want to go fiscally.

Missing the big picture is an issue seen too frequently with clients. If you're focused on the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner will make you realize that the kind of investment you choose affects the after-tax return. Keep in mind, it's not about the returns an investment generates; it's about the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the future 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 money you'll have because of the tax liability which is waiting for you.

Impact of Financial Planning - Chicago Ridge, IL

The influence of sound financial planning on overall 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 different aspects of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you start to make progress along every one of those spokes, you'll begin to gain traction all round, and you'll see your ability to understand your financial goals 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 have mapped out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.

Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.

For more details, please do not hesitate to contact us at any time and we will be glad to help you!

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