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Financial Planning – Island Lake, IL

The most typical misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make intelligent investment choices, but there is much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that can help you make better decisions by turning vague goals into concrete strategies, offering a map for action. Having a financial plan - and sticking to it - will give you a real advantage with regards to planning your retirement and also other long-term financial and life goals.

Financial Planning For the Future - Island Lake, IL

Frequently people say that they are saving for retirement or saving for their little one's education. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much should you save and by when? If you are not sure whether you will 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 provides peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed choices.

Certified Financial Planner - Island Lake, IL

Many people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated 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 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 a specialist has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning provides a road 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 an issue seen too frequently with clients. If you are focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose has an effect on 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 hands. Many of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned about and you do not 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 - Island Lake, IL

The influence of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different components of your financial life - like buying a house, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you start 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 targets really start to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.

Financial Planning is really a life process. Preferably, you should meet a financial planner as early as possible in your lifetime and set up 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 info, please don't hesitate to contact us at any time and we'll be glad to help you!

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