Financial Planning – Glencoe, Illinois
The most common misunderstanding about financial planning is that it is all about investing. Needless to say 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 developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It is a holistic method that can help you make better decisions by turning vague objectives into concrete strategies, offering a road map for action. Having a financial plan - and sticking with it - will give you a real edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Glencoe, Illinois
Frequently people say that they're saving for retirement or saving for their children's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it provides peace of mind and confidence. Whenever 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 - Glencoe, Illinois
The majority of people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated choices and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if implemented diligently - 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're devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you realize that the type of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are concerned about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's waiting for you.
Influence of Financial Planning - Glencoe, Illinois
The influence 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 center, each of the different aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you'll start to gain traction overall, and you will see your ability to understand 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 cash. Individuals and families who've mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning can be a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more information, please don't hesitate to contact us at any time and we will be glad to help you!
