Financial Planning Company – Glenview, IL
The most popular 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 wise investment choices, but there is much more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs efficiently and meet financial targets. It is a holistic method 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 - will give you a true edge with regards to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Glenview, IL
Often individuals say that they are saving for retirement or saving for their child's education. They sound like precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much should you save and by when? If you're not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Glenview, IL
Most people do not have limitless 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 attaining 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 every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment creates; it comes down to 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 is 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'll have because of the tax liability which is awaiting you.
Influence of Financial Planning - Glenview, IL
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you are going to start to gain traction all round, and you'll see your ability to realize your financial targets really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is a life process. Preferably, you should meet a financial planner as early as possible in your lifetime and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more info, please feel free to contact us at any time and we'll be happy to help you!
