Financial Planning Services – Dolton
The most popular misunderstanding about financial planning is that it is all about investing. Of course 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 creating strategies to help you take care of your financial affairs effectively and meet financial goals. It is a holistic process that helps you make better decisions by turning vague goals into concrete plans, providing a map for action. Having a financial plan - and sticking to it - gives you a true advantage with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Dolton
Often folks say that they're saving for retirement or saving for their child's schooling. They sound like precise goals, however they are really quite vague. Financial planning can find the important 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 should do and that you are following the financial plan, it offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planner - Dolton
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your circumstances and that you're doing something beneficial for your financial predicament. Financial planning offers a 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're focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Remember, it isn't about the returns an investment creates; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are worried about 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 awaiting you.
Impact of Financial Planning - Dolton
The influence of sound financial planning on overall 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 purchasing a home, 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 all round, and you'll see your ability to understand your financial goals really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more info, please feel free to contact us at any time and we'll be glad to help you!
