Financial Planning – Golf
The most typical misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make sensible investment choices, but there is so much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that helps you make smarter decisions by turning vague goals into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - provides you with a real edge when it comes to planning your retirement as well as other long-term financial and life goals.
Financial Planning For the Future - Golf
Frequently individuals say that they are saving for retirement or saving for their child's education. They sound like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much must you save and by when? If you're not sure whether you'll 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 provides 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 parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Golf
Most people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices 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 goals, but you only have Rs. 1,000 extra 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 a professional has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning offers a road 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 too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making rather than 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 realize that the kind of investment you choose affects the after-tax return. Remember, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried 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 impact of sound financial planning on overall financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the various elements of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you are going to begin to gain traction all round, and you will see your ability to understand your financial goals really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Essentially, you need to meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
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