Financial Planning Company – Harwood Heights, IL
The most prevalent misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make intelligent investment decisions, but there is so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic method that helps you make better decisions by turning vague targets into concrete plans, providing a road map for action. Having a financial plan - and sticking with it - provides you with a real advantage when it comes to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Harwood Heights, IL
Often folks say that they are saving for retirement or saving for their little one's schooling. They seem like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you are not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it gives you peace of mind and assurance. When 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 decisions.
Certified Financial Planner - Harwood Heights, IL
Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, 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 a specialist has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning provides a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too frequently with clients. If you're centered on the near-term rather than on much wider long-term implications, then you might end up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Remember, it's not about the returns an investment creates; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that is awaiting you.
Influence of Financial Planning - Harwood Heights, IL
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 one of the different aspects of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you'll start to gain traction all round, and you will see your ability to recognize your financial goals really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more information, please do not hesitate to contact us at any time and we'll be happy to help you!
