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Financial Planning – Elmhurst

The most popular misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there's 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 method that can help you make better decisions by turning vague targets into concrete strategies, supplying a guide for action. Having a financial plan - and sticking to it - gives you a true edge with regards to planning your retirement and also other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Elmhurst

Often individuals say that they are saving for retirement or saving for their child's schooling. They could be seen as specific goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you are not sure whether you'll have enough to live on post-retirement, it can create anxiety. But when you know what you have to 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 home, having kids or caring for aging parents, financial planning will help you make better-informed decisions.

Certified Financial Planners - Elmhurst

The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated choices and prudently use the limited 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 every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning supplies a road map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.

Missing the big picture is a problem seen all too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you might wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is waiting for you.

Influence of Financial Planning - Elmhurst

The impact of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each of the various elements of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to understand your financial targets really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.

Financial Planning can be a life process. Ideally, you need to meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.

For more information, please do not hesitate to contact us at any time and we'll be glad to help you!

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