Financial Planning Company – 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 you should make smart investment decisions, but there's so much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It is a holistic process that helps you make smarter decisions by turning vague targets into concrete strategies, supplying a road map for action. Having a financial plan - and sticking to it - gives you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Glen Ellyn, Illinois
Frequently individuals say that they're saving for retirement or saving for their children's schooling. They sound like specific 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 or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it gives you peace of mind and assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Glen Ellyn, Illinois
Most people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices and prudently use the restricted resources for attaining 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 every 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 a professional has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning offers a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is an issue seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Don't forget, 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 is pre-tax returns you are 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 awaiting you.
Influence of Financial Planning - Glen Ellyn, Illinois
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each one of the various elements of your financial life - like purchasing 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 will see your ability to recognize your financial targets really begin to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more information, please feel free to contact us at any time and we will be glad to help you!
