Financial Planning Services – Chicago Ridge, IL
The most prevalent misconception about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make wise investment choices, but there is a lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial targets. It is a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, 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 other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Chicago Ridge, IL
Frequently folks say that they are saving for retirement or saving for their little one's schooling. They sound like specific goals, however they are really quite vague. Financial planning can discover the important numbers - How much do you need to save and by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planner - Chicago Ridge, IL
Many people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable decisions and prudently use the restricted resources for attaining 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 and every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning provides 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 an issue seen too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will 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 creates; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with 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 that is awaiting you.
Impact of Financial Planning - Chicago Ridge, IL
The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually 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 home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you will begin 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 also families who have planned out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant 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 information, please feel free to contact us at any time and we'll be happy to help you!
