Financial Planning Services – Elmwood Park
The most prevalent misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make sensible investment choices, but there is much more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic method that helps you make smarter decisions by turning vague objectives into concrete plans, giving a road map for action. Having a financial plan - and sticking with it - will give you a real advantage when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Elmwood Park
Frequently individuals say that they're saving for retirement or saving for their little one's schooling. They seem like specific goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you are not sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to 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 home, having children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Elmwood Park
Most 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 decisions 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 each and every year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your needs and that you're doing something positive for your financial predicament. Financial planning offers a road map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is a problem seen too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you might end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial health. 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 produces; it comes down to the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're concerned about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that is waiting for you.
Impact of Financial Planning - Elmwood Park
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 different components of your financial life - like buying a home, saving for retirement, planning for your 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 understand your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Essentially, you should 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 info, please feel free to contact us at any time and we'll be glad to help you!
