Financial Planning Services – Elmwood Park
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 smart investment decisions, but there's so much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It is a holistic process that can help you make smarter decisions by turning vague objectives into concrete plans, providing a map for action. Having a financial plan - and sticking to it - will give you a true edge 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
Frequently individuals say that they are saving for retirement or saving for their child's education. They sound like precise goals, however they are really quite vague. Financial planning can find the key numbers - How much should you save and by when? If you aren't sure whether or not you'll 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 offers 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 mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Elmwood Park
Many people don't have unlimited resources. In such a situation, 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 can help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a professional has reviewed your circumstances and that you're doing something beneficial 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 a problem seen too frequently with clients. If you're focused on the near-term rather than on much wider long-term implications, then you may wind up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you understand that the kind of investment you choose affects the after-tax return. Bear in mind, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're concerned about and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that's waiting for you.
Influence of Financial Planning - Elmwood Park
The influence 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 heart, each of the different aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will start to gain traction overall, and you'll see your ability to understand your financial targets really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've mapped 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 should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more details, please don't hesitate to contact us at any time and we'll be happy to help you!
