Financial Planning Services – Homewood
The most common misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there's a whole lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make better decisions by turning vague goals into concrete plans, providing a map for action. Having a financial plan - and sticking to it - will give you a true edge when it comes to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Homewood
Frequently folks 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 must you save and by when? If you are not sure whether or not 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 gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Homewood
The majority of people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed options and prudently use the limited 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 every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your circumstances and that you're doing something beneficial for your financial predicament. Financial planning offers a map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen all too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you understand that the kind of investment you choose affects the after-tax return. Keep in mind, it isn't about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the potential 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 money you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Homewood
The impact 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 heart, each of the various 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 on the wheel. Once you begin to make progress along every one of those spokes, you'll start to gain traction overall, and you'll see your ability to recognize your financial targets really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Preferably, 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 details, please feel free to contact us at any time and we'll be happy to help you!
