Financial Planning Services – Hoffman Estates, IL
The most prevalent misconception regarding financial planning is that it is centered on investing. Of course 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 process of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic process that can help you make smarter decisions by turning vague targets into concrete plans, giving a guide for action. Having a financial plan - and sticking to it - will give you a true edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Hoffman Estates, IL
Often folks say that they are saving for retirement or saving for their little one's education. They seem like distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and also 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 have to do and that you are following the financial plan, it gives you 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 parents, financial planning will help you make better-informed decisions.
Certified Financial Planners - Hoffman Estates, IL
Most 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 educated options and prudently use the limited 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 and every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your needs and that you are doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you are devoted to the near-term rather than on broader 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 understanding that different types of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you realize that the kind of investment you choose affects the after-tax return. Remember, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned 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 that is awaiting you.
Influence of Financial Planning - Hoffman Estates, IL
The impact of sound financial planning on overall 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 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 on - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will start to gain traction overall, and you'll see your ability to realize your financial targets really begin to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as early as possible in your lifetime and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more information, please don't hesitate to contact us at any time and we'll be happy to help you!
