Financial Planning Company – Glenview
The most typical misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there is a lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic process that helps you make better decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking with it - gives you a true edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Glenview
Frequently individuals say that they are saving for retirement or saving for their child's education. They seem like precise goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you are not sure whether or not you will 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 offers peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Glenview
Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed decisions and prudently use the limited 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 each year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your situation and that you are 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 in financial terms.
Missing the big picture is a problem seen all too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you might wind up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner can make you understand that the type of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're concerned about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is waiting for you.
Influence of Financial Planning - Glenview
The impact 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 one of the various elements of your financial life - like buying a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction all round, and you will see your ability to realize your financial targets really start to take off. Additionally, everyone knows 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 really a life process. Ideally, you should meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on the right track.
For more info, please feel free to contact us at any time and we will be glad to help you!
