Financial Planning Services – Hometown, IL
The most common misunderstanding about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make sensible investment choices, but there is so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make better 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 with regards to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Hometown, IL
Often folks say that they are saving for retirement or saving for their little one's schooling. They sound like specific goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you're not sure whether you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it provides peace of mind and 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 choices.
Certified Financial Planner - Hometown, IL
Most people don't have unlimited 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 restricted 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 targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your needs and that you're doing something beneficial for your financial predicament. Financial planning supplies a road map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too frequently with clients. If you're focused on the near-term rather than on broader long-term implications, then you could end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are subject to differing tax rates might be harmful for your financial health. 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's not about the returns an investment produces; it's about the net income that comes in your hand. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are worried about and you do not 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.
Influence of Financial Planning - Hometown, IL
The influence of sound financial planning on over-all 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 center, each one of the various components of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you will begin to gain traction overall, 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've planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more information, please feel free to contact us at any time and we'll be happy to help you!
