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Financial Planning – Highland Park

The most prevalent misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment decisions, but there is much more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make better decisions by turning vague objectives into concrete plans, supplying a road map for action. Having a financial plan - and sticking to it - gives you a true edge when it comes to planning your retirement and also other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Highland Park

Often folks say that they're saving for retirement or saving for their little one's education. They sound like specific goals, but they're really quite vague. Financial planning can find the key numbers - How much must you save and by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create anxiety. But when you know what you have to do and that you are following the financial plan, it offers peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed decisions.

Certified Financial Planners - Highland Park

Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable choices 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 each 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 a professional has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning supplies a map with an action plan that - if followed faithfully - 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'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 instance, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment produces; it's about the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried 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 awaiting you.

Influence of Financial Planning - Highland Park

The influence of sound financial planning on overall 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 heart, each one of the various components 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 on the wheel. Once you begin to make progress along each one of those spokes, you'll begin to gain traction all round, and you will see your ability to understand your financial goals really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.

Financial Planning can be a life process. Preferably, you need to meet a financial planner as soon as possible in your life 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.

For more details, please do not hesitate to contact us at any time and we will be glad to help you!

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