Financial Planning – Highland Park
The most typical misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make sensible investment decisions, but there's a lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs effectively and meet financial goals. It's a holistic method that helps you make better decisions by turning vague objectives into concrete plans, providing a road map for action. Having a financial plan - and sticking with it - gives you a real advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Highland Park
Often people say that they are saving for retirement or saving for their little one's education. They seem like specific goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you're not sure whether you'll have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Highland Park
The majority of people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated options 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 objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your circumstances and that you are doing something positive 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 all too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you may end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Remember, it isn't 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 future nest eggs. It is pre-tax returns you're 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 waiting for you.
Influence of Financial Planning - Highland Park
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the various elements of your financial life - like buying a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction overall, and you'll see your ability to recognize your financial goals really begin to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path enjoy greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as soon 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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