Financial Planning Company – Joliet, IL
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 you should make smart investment choices, but there's much more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial targets. It is a holistic process that can help you make better decisions by turning vague objectives into concrete plans, providing a guide for action. Having a financial plan - and sticking with it - will give you a real 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 folks say that they are saving for retirement or saving for their children's education. They seem like distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you're not sure whether you'll 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 offers peace of mind and 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 Planners - Joliet, IL
Most 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 knowledgeable choices 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 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 an expert has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning offers a map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you could wind up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment creates; it comes down to the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's awaiting you.
Impact of Financial Planning - Joliet, IL
The influence 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 buying a house, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you'll start to gain traction overall, and you will see your ability to realize your financial targets really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be 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 are on track.
For more info, please don't hesitate to contact us at any time and we will be glad to help you!
