Financial Planning Services – Homewood
The most prevalent misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make smart investment choices, but there's so much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic method that can help you make smarter decisions by turning vague goals into concrete strategies, supplying a map for action. Having a financial plan - and sticking with 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 - Homewood
Frequently individuals say that they're saving for retirement or saving for their child's education. They seem like precise goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you are not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it offers peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Homewood
The majority of people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your situation and that you're doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem seen all too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment generates; it's about the net income that comes in your hand. Many of you do not realize the delayed tax implications on the future 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 cash you will have because of the tax liability that is awaiting you.
Impact of Financial Planning - Homewood
The impact 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 heart, each of the different components of your financial life - like buying a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you'll start to gain traction overall, and you'll see your ability to understand your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who've planned out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Essentially, you need to 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're on track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!
