Financial Planning – Highland Park
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 smart investment decisions, but there's a lot more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic method that can help you make smarter decisions by turning vague targets into concrete plans, supplying a road map for action. Having a financial plan - and sticking with it - gives 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 - Highland Park
Often people say that they're saving for retirement or saving for their children's schooling. They seem like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and also by when? If you're 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 offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Highland Park
Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated decisions and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a professional has reviewed your situation and that you are doing something beneficial for your financial predicament. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner can make you realize that the type of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment produces; it's about the net income that comes in your hands. Many of you do not realize the delayed tax implications on the foreseeable 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 money you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Highland Park
The influence of sound financial planning on over-all financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the various aspects 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 forth - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction overall, and you will see your ability to recognize your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Essentially, you should 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 track.
For more information, please feel free to contact us at any time and we'll be happy to help you!
