Financial Planning – Joliet, IL
The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make intelligent investment choices, but there's so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial goals. It is a holistic method that helps you make better decisions by turning vague objectives into concrete plans, offering a map for action. Having a financial plan - and sticking to it - gives you a real edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Joliet, IL
Frequently individuals say that they're saving for retirement or saving for their child's education. They seem like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you are not sure whether 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 gives you peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Joliet, IL
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed decisions 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 goals, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning offers a road map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you're centered on the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is 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's waiting for you.
Influence of Financial Planning - Joliet, IL
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different components of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you are going to begin to gain traction overall, and you will see your ability to recognize your financial goals really start to take off. Further, everyone knows 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 much better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early 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 the right track.
For more info, please do not hesitate to contact us at any time and we'll be glad to help you!
