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Financial Planning – Downers Grove, Illinois

The most common misunderstanding about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make intelligent investment choices, but there is a whole lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic method that helps you make smarter decisions by turning vague goals into concrete plans, supplying a guide for action. Having a financial plan - and sticking with it - gives you a true edge when it comes to planning your retirement and other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Downers Grove, Illinois

Frequently folks say that they're saving for retirement or saving for their child's education. They could be seen as specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create stress and 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. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.

Certified Financial Planners - Downers Grove, Illinois

Many people don't 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 son or daughter's education as your financial goals, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your needs and that you're doing something beneficial for your financial predicament. Financial planning supplies a road map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.

Missing the big picture is an issue seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner will make you understand that the kind of investment you choose has an effect on the after-tax return. Remember, it's not about the returns an investment produces; it's about 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 worried about and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that is waiting for you.

Influence of Financial Planning - Downers Grove, Illinois

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 of the various elements of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you are going to start to gain traction all round, and you will see your ability to understand your financial goals really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.

Financial Planning is really a life process. Essentially, you need to meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.

For more info, please do not hesitate to contact us at any time and we will be happy to help you!

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