Financial Planning – Cicero, IL
The most typical misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make intelligent investment decisions, but there is much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic method that can help you make better decisions by turning vague objectives into concrete strategies, offering a road map for action. Having a financial plan - and sticking with it - provides you with a real advantage with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Cicero, IL
Often individuals say that they're saving for retirement or saving for their child's education. 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'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 offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Cicero, IL
Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options and prudently use the limited 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 objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your situation and that you are doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is an issue seen too frequently with clients. If you are focused on the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making instead of knowing 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 realize that the type of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with and you fail to 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 - Cicero, IL
The influence 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 middle, each one of the different aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you are going to begin to gain traction overall, and you will see your ability to recognize your financial targets really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who've mapped out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.
For more details, please don't hesitate to contact us at any time and we will be glad to help you!
