Financial Planning – Downers Grove, IL
The most common misconception regarding 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 decisions, but there's so much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It is a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, giving a guide for action. Having a financial plan - and sticking to it - provides you with a real edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Downers Grove, IL
Frequently people say that they are saving for retirement or saving for their little one's education. They sound like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you are not sure whether or not you'll 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 provides peace of mind and self-assurance. 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 decisions.
Certified Financial Planner - Downers Grove, IL
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated options and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen too frequently with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Remember, it's not about the returns an investment generates; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the foreseeable future 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 will have because of the tax liability which is awaiting you.
Impact of Financial Planning - Downers Grove, IL
The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each of the different aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your ideal car, debt management etc - 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 will see your ability to realize your financial targets really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.
For more info, please feel free to contact us at any time and we'll be glad to help you!
