Financial Planning – Harvey, IL
The most prevalent misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment choices, but there's a whole lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic method that can help you make better decisions by turning vague targets into concrete strategies, providing a guide for action. Having a financial plan - and sticking with it - will give you a real edge when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Harvey, IL
Frequently people say that they are saving for retirement or saving for their little one's schooling. They sound like distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much should you save and by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it provides peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Harvey, IL
The majority of 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 restricted 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 targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert 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 fiscally.
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 could wind up impairing the build up of wealth. For instance, 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 understand that the kind of investment you choose has an effect on the after-tax return. Remember, it's not about the returns an investment produces; it's about the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Harvey, IL
The impact of sound financial planning on over-all 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 one of the different aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes on 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 start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as early as possible in your lifetime 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 details, please feel free to contact us at any time and we'll be happy to help you!
