Financial Planning Services – Highland Park, Illinois
The most popular misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment choices, but there's so much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, providing a road map for action. Having a financial plan - and sticking with it - will give you a real edge when it comes to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Highland Park, Illinois
Frequently people say that they are saving for retirement or saving for their children's education. They could be seen as specific goals, but they're really quite vague. Financial planning can find the key numbers - How much should you save and also by when? If you are not sure whether you will 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 provides peace of mind and confidence. 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 Planners - Highland Park, Illinois
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 knowledgeable 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 and every year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're 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 which is waiting for you.
Influence of Financial Planning - Highland Park, Illinois
The impact 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 various components of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you'll begin to gain traction all round, and you'll see your ability to recognize your financial goals really start 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 appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Preferably, you need to 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're on the right track.
For more details, please don't hesitate to contact us at any time and we will be happy to help you!
