Financial Planning – Joliet, IL
The most typical misconception 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 decisions, but there is so much more to it. Financial Planning is the method of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic process that helps you make better decisions by turning vague goals into concrete plans, supplying a map for action. Having a financial plan - and sticking with it - gives you a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Joliet, IL
Often individuals say that they're saving for retirement or saving for their children's education. They sound like specific goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and also 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 when you know what you have to do and that you are following the financial plan, it gives you peace of mind and assurance. 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 decisions.
Certified Financial Planner - Joliet, IL
Many 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 educated 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 goals, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning provides 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 an issue seen too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you might wind up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making rather than knowing 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 type of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment produces; it comes down to 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 is pre-tax returns you're concerned with and you fail to 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 - Joliet, IL
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 center, each one of the various components of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you are going to start to gain traction all round, and you will see your ability to understand your financial goals really start to take off. Further, 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 strong relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
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