Financial Planning Services – 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 you should make intelligent investment choices, but there's so 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 is a holistic process that can help you make smarter decisions by turning vague targets into concrete plans, supplying a map for action. Having a financial plan - and sticking with it - provides you with a true advantage with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Cicero, IL
Frequently people say that they're saving for retirement or saving for their child's schooling. They could be seen as specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much should you save and by when? If you are not sure whether or not you'll 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 gives you peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Cicero, IL
Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed decisions 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 targets, but you only have Rs. 1,000 extra each year to achieve these targets, 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 situation and that you are doing something beneficial for your financial predicament. Financial planning supplies a road map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose has an effect on the after-tax return. Don't forget, it isn't about the returns an investment creates; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're concerned with and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that's awaiting you.
Impact of Financial Planning - Cicero, IL
The influence 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 heart, each of the various elements of your financial life - like buying a home, saving for retirement, planning for 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 will begin to gain traction all round, and you'll see your ability to understand your financial targets really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path appreciate greater well-being, fret less, sleep 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 establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more information, please feel free to contact us at any time and we will be happy to help you!
