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Financial Planning – Elgin

The most common 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 is a whole lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial targets. It is a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, giving a map for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement and also other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Elgin

Frequently people say that they're saving for retirement or saving for their children's schooling. They seem like precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you aren't sure whether you will 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 assurance. Whenever 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 choices.

Certified Financial Planner - Elgin

Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning supplies a road map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.

Missing the big picture is an issue seen all too often with clients. If you are centered on the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Remember, it isn't about the returns an investment produces; 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 are concerned 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 - Elgin

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 middle, each one of the various components of your financial life - like purchasing 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 will begin to gain traction all round, and you'll see your ability to recognize your financial targets really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who've planned out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.

Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and begin a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on the right track.

For more information, please don't hesitate to contact us at any time and we'll be happy to help you!

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