Financial Planning Services – Hometown, Illinois
The most popular misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there's 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 method that can help you make smarter decisions by turning vague goals into concrete strategies, providing a map for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Hometown, Illinois
Often individuals say that they're saving for retirement or saving for their children's education. They sound like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you are not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you have to do and that you are following the financial plan, it offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Hometown, Illinois
Most people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions and prudently use the restricted resources for attaining 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 goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner will make you realize that the type of investment you choose has an effect on the after-tax return. Bear in mind, it isn't about the returns an investment creates; it comes down to the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the future nest eggs. It is 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 will have because of the tax liability that's waiting for you.
Impact of Financial Planning - Hometown, Illinois
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each of the various aspects of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction all round, and you'll see your ability to recognize 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 money. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as early 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 are on the right track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
