Financial Planning Services – Elk Grove Village
The most typical 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's so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial goals. It's a holistic method that can help you make better decisions by turning vague goals into concrete strategies, providing a map for action. Having a financial plan - and sticking to it - gives you a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Elk Grove Village
Frequently people say that they're saving for retirement or saving for their children's schooling. They seem like distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much must 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 once you know what you should do and that you are following the financial plan, it offers peace of mind and assurance. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planners - Elk Grove Village
Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your child'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 choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your needs and that you are doing something beneficial for your financial predicament. 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 a problem seen too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Bear in mind, it's not about the returns an investment produces; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the future 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 is awaiting you.
Impact of Financial Planning - Elk Grove Village
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 middle, each one 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 etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you are going to start to gain traction all round, and you'll see your ability to realize your financial goals really start to take off. Further, we all know 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, 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 life and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more details, please feel free to contact us at any time and we will be happy to help you!
