Financial Planning Company – Clarendon Hills, IL
The most typical misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment choices, but there is so much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial targets. It is a holistic process that helps you make better decisions by turning vague goals into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - provides you with a real edge with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Clarendon Hills, IL
Often people say that they are saving for retirement or saving for their children's education. They could be seen as precise goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you're not sure whether you will have enough to live on post-retirement, it can create anxiety. But once you know what you have to 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 house, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Clarendon Hills, IL
The majority of people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions 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 each year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning supplies a map with an action plan that - if implemented diligently - 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 focused on the near-term rather than on much wider long-term implications, then you could wind up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are susceptible to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose has an effect on the after-tax return. Don't forget, it's not about the returns an investment produces; it's about the net income that comes in your hands. Many of you do not realize the delayed tax implications on the future nest eggs. It's 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 is waiting for you.
Impact of Financial Planning - Clarendon Hills, IL
The impact 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 one of the various components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you start to make progress along each one of those spokes, you'll start to gain traction overall, and you'll see your ability to understand your financial targets really start 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 mapped out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is a life process. Preferably, you need to meet a financial planner as soon 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 track.
For more details, please feel free to contact us at any time and we'll be happy to help you!
