Financial Planning Company – Glen Ellyn
The most common misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there's a lot more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs effectively and meet financial targets. It is a holistic method that can help you make smarter decisions by turning vague targets into concrete plans, offering a guide for action. Having a financial plan - and sticking with it - gives you a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Glen Ellyn
Frequently folks say that they're saving for retirement or saving for their children's schooling. They seem like distinct goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and also 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 should do and that you are following the financial plan, it gives you peace of mind and confidence. 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 - Glen Ellyn
The majority of people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed 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 targets, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go in financial terms.
Missing the big picture is an issue seen all too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are susceptible to differing tax rates could be damaging for your financial health. A Certified Financial Planner will make you understand that the kind of investment you choose affects the after-tax return. Remember, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Many 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 money you will have because of the tax liability which is awaiting you.
Influence of Financial Planning - Glen Ellyn
The influence 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 middle, each one of the various components of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction overall, and you'll see your ability to understand your financial targets really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
For more info, please feel free to contact us at any time and we will be happy to help you!
