Financial Planning – Elmwood Park, Illinois
The most prevalent misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there's so much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic method that can help you make better decisions by turning vague goals into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - gives you a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Elmwood Park, Illinois
Frequently people say that they are saving for retirement or saving for their little one's education. They seem like precise goals, but they're 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 stress and anxiety. But when you know what you should do and that you are following the financial plan, it provides peace of mind and self-assurance. Whenever 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 Planner - Elmwood Park, Illinois
The majority of people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices 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 each and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning provides a 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 broader long-term implications, then you could end up impairing the build up of wealth. For example, 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 well-being. A Certified Financial Planner will make you understand that the kind of investment you choose impacts 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 is pre-tax returns you're 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 which is waiting for you.
Influence of Financial Planning - Elmwood Park, Illinois
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction all round, 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 families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more information, please don't hesitate to contact us at any time and we will be glad to help you!
