Financial Planning – Golf
The most common misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make sensible investment decisions, but there is much more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs effectively and meet financial goals. It's a holistic process that can help you make better decisions by turning vague objectives into concrete strategies, giving a road map for action. Having a financial plan - and sticking to it - will give you a true edge when it comes to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Golf
Frequently individuals say that they're saving for retirement or saving for their little one's schooling. They could be seen as distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to 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 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 home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Golf
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices and prudently use the restricted 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 year to achieve these objectives, 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 needs and that you are doing something positive for your financial situation. Financial planning offers a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the future 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 is awaiting you.
Impact of Financial Planning - Golf
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 heart, each of the various components of your financial life - like purchasing 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 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 goals 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 planned out a financial path appreciate greater well-being, worry 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 set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on the right track.
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