Financial Planning Company – Fox Valley
The most popular misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there is much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - gives you a real edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Fox Valley
Frequently individuals say that they are saving for retirement or saving for their little one's schooling. They could be seen as distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much do you need to save and by when? If you're not sure whether you will 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 offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Fox Valley
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner will help you choose 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 diligently - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you could wind up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is awaiting you.
Influence of Financial Planning - Fox Valley
The influence of sound financial planning on overall 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 different elements of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction overall, and you'll see your ability to recognize your financial goals really begin 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 planned out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more details, please feel free to contact us at any time and we'll be glad to help you!
