Financial Planning Services – Homer Glen
The most prevalent misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make wise investment choices, but there is so much more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial targets. It is a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, providing a road map for action. Having a financial plan - and sticking to it - provides you with a real edge with regards to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Homer Glen
Frequently people say that they are saving for retirement or saving for their child's schooling. They seem like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and 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 assurance. When 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 - Homer Glen
Most people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options 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 targets, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your situation and that you're doing something positive for your financial situation. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you might end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making rather than 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 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 hand. Many of you fail to realize the delayed tax implications on the potential 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 cash you'll have because of the tax liability that's awaiting you.
Influence of Financial Planning - Homer Glen
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 middle, each one of the different components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - 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 start to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more info, please feel free to contact us at any time and we'll be glad to help you!
