Financial Planning Services – Homewood
The most prevalent misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make intelligent investment choices, but there's a lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic method that helps you make better decisions by turning vague goals into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - will give you a true advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Homewood
Frequently individuals say that they're saving for retirement or saving for their child's schooling. They sound like precise goals, however they are really quite vague. Financial planning can discover the important numbers - How much should you save and also by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But when you know what you should 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 house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
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 educated choices and prudently use the limited 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 and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your situation and that you are doing something positive for your financial situation. Financial planning supplies a map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you are focused on the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're concerned with 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 is waiting for you.
Impact of Financial Planning - Homewood
The impact 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 elements of your financial life - like buying a house, 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 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 start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as soon as possible in your life and establish 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 do not hesitate to contact us at any time and we'll be glad to help you!
