Financial Planning Company – Dundee
The most prevalent misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment decisions, but there is so much more to it. Financial Planning is the method of creating strategies to help you take care of 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 plans, providing a map for action. Having a financial plan - and sticking with it - will give you a true edge with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Dundee
Frequently people say that they're saving for retirement or saving for their child's schooling. They seem like precise goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and by when? If you're not sure whether or not you will have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it gives you peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Dundee
The majority of 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 informed options and prudently use the limited 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 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 professional has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning supplies a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is an issue 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 build up of wealth. For example, relying on pre-tax returns for financial decision-making instead of knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment generates; it's about the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's awaiting you.
Impact of Financial Planning - Dundee
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 of the different components 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 on the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to realize your financial targets really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path enjoy greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is a life process. Preferably, you should meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet frequently 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'll be happy to help you!
