Financial Planning Services – Dundee
The most typical misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make intelligent investment choices, but there's a lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic process that can help you make smarter decisions by turning vague targets into concrete strategies, offering a map for action. Having a financial plan - and sticking with it - will give you a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Dundee
Often individuals say that they are 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 important numbers - How much must you save and by when? If you are not sure whether or not you'll 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 offers peace of mind and confidence. When 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 Planner - Dundee
The majority of people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices 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 every year to achieve these targets, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your situation and that you're doing something positive for your financial situation. Financial planning offers a road map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you are centered on the near-term rather than on much wider long-term implications, then you could end up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose affects the after-tax return. Don't forget, it isn't about the returns an investment creates; it comes down to the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that is awaiting you.
Impact of Financial Planning - Dundee
The influence 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 heart, each one of the different aspects of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction overall, and you will see your ability to realize your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Essentially, you need to meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
For more details, please feel free to contact us at any time and we will be glad to help you!
