Financial Planning – Highwood, IL
The most common misunderstanding regarding financial planning is that it is centered on investing. Needless to say 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 process of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It is a holistic process that can help you make better decisions by turning vague goals into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - gives you a true advantage with regards to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Highwood, IL
Often individuals say that they're saving for retirement or saving for their little one's education. 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 aren't sure whether you will 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 gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Highwood, IL
The majority of people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed 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 targets, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning supplies a map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you could 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 damaging for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's awaiting you.
Influence of Financial Planning - Highwood, IL
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 middle, each one of the different elements of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will begin to gain traction overall, and you'll see your ability to understand your financial targets really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is really a life process. Essentially, you should meet a financial planner as soon 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're 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!
