Financial Planning Services – Elmwood Park, Illinois
The most typical misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make intelligent investment decisions, but there's 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 process that can help you make smarter decisions by turning vague goals into concrete plans, supplying a road map for action. Having a financial plan - and sticking with 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 - Elmwood Park, Illinois
Frequently individuals say that they're saving for retirement or saving for their child's education. They seem like specific goals, but they're really quite vague. Financial planning can discover 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 stress and anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Elmwood Park, Illinois
Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed options and prudently use the restricted 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 year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning provides 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 could wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose impacts 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 hands. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're concerned with 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.
Impact of Financial Planning - Elmwood Park, Illinois
The influence 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 various aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction all round, and you'll see your ability to realize your financial targets really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have planned out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as early 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 the right track.
For more info, please do not hesitate to contact us at any time and we will be glad to help you!
