Financial Planning – Dolton, IL
The most prevalent misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there is so much more to it. Financial Planning is the method of developing strategies to help you take care of your financial affairs effectively and meet financial goals. It is a holistic process that can help you make better decisions by turning vague objectives into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - will give you a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Dolton, IL
Frequently individuals say that they're saving for retirement or saving for their little one's schooling. They seem like precise goals, but they're really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it provides 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 decisions.
Certified Financial Planner - Dolton, IL
The majority of people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable choices and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a specialist has reviewed your needs and that you're doing something positive for your financial predicament. Financial planning provides 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 a problem seen too frequently with clients. If you are centered on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are subject 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 has an effect on the after-tax return. Remember, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned about 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 which is awaiting you.
Impact of Financial Planning - Dolton, IL
The influence 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 different components of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction overall, and you will see your ability to realize your financial goals really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more information, please feel free to contact us at any time and we will be happy to help you!
