Financial Planning Services – Glencoe
The most common misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment decisions, but there is so much more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic process that can help you make better decisions by turning vague goals into concrete strategies, providing a guide for action. Having a financial plan - and sticking with it - provides you with a true advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Glencoe
Frequently individuals say that they are saving for retirement or saving for their child's schooling. They seem like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you aren't sure whether or not 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 offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Glencoe
The majority of people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions 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 each and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning provides 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 a problem seen all too often with clients. If you are centered on the near-term rather than on much wider long-term implications, then you might end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment produces; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned about 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 waiting for you.
Impact of Financial Planning - Glencoe
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually 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 home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction all round, and you will see your ability to understand your financial goals 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 have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more info, please don't hesitate to contact us at any time and we will be glad to help you!
