Financial Planning Services – Glen Ellyn, Illinois
The most typical misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make smart investment choices, but there is a lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, giving a guide for action. Having a financial plan - and sticking to it - gives you a true edge with regards to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Glen Ellyn, Illinois
Frequently folks say that they're saving for retirement or saving for their little one's education. They sound like distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and also 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 once you know what you should do and that you are following the financial plan, it provides 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 parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Glen Ellyn, Illinois
Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options and prudently use the limited 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 every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning provides a road map with an action plan that - if implemented diligently - will take you where you want to go financially.
Missing the big picture is a problem seen too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial health. A Certified Financial Planner can make you understand that the type of investment you choose impacts the after-tax return. Bear in mind, it isn't about the returns an investment generates; it comes down to the net income that comes in your hands. Many 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 money you will have because of the tax liability that is waiting for you.
Impact of Financial Planning - Glen Ellyn, Illinois
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each of the different elements 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 on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to understand your financial goals really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more info, please don't hesitate to contact us at any time and we will be happy to help you!
