Financial Planning Company – Fort Sheridan
The most prevalent misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make smart investment decisions, but there's a lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic method that helps you make smarter decisions by turning vague objectives into concrete strategies, supplying a map for action. Having a financial plan - and sticking to it - gives you a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Fort Sheridan
Often people say that they're saving for retirement or saving for their child's schooling. They could be seen as specific goals, but they're really quite vague. Financial planning can find the key numbers - How much should you save and by when? If you're 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 provides peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planners - Fort Sheridan
Many 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 informed 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 goals, 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 specialist has reviewed your situation and that you are doing something positive for your financial situation. Financial planning offers 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're devoted to the near-term rather than on much wider long-term implications, then you could end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment generates; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the potential nest eggs. It's 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 is awaiting you.
Impact of Financial Planning - Fort Sheridan
The impact of sound financial planning on over-all financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the various elements of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction all round, and you'll see your ability to realize your financial goals really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really 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 regularly to review the Financial Plan to make sure you are on track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!
