Financial Planning Company – Itasca, Illinois
The most popular misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make intelligent investment decisions, but there's a lot more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic process that helps you make better decisions by turning vague targets into concrete plans, giving a map for action. Having a financial plan - and sticking with it - provides you with a real 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 - Itasca, Illinois
Often individuals say that they're saving for retirement or saving for their children's education. They could be seen as specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and also 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 have to do and that you are following the financial plan, it provides peace of mind and assurance. Whenever 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 decisions.
Certified Financial Planners - Itasca, Illinois
Most people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions and prudently use the limited 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 each and every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning provides a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen all too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're worried about 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 which is waiting for you.
Influence of Financial Planning - Itasca, Illinois
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 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 start 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 begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we'll be happy to help you!
