Financial Planning Services – Kenilworth, IL
The most popular misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make smart 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 effectively and meet financial targets. It's a holistic process that can help you make better decisions by turning vague targets into concrete strategies, giving a guide for action. Having a financial plan - and sticking with it - will give you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Kenilworth, IL
Often people say that they're saving for retirement or saving for their children's education. They could be seen as precise goals, but they're really quite vague. Financial planning can find the key numbers - How much must you save and also by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it provides peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planners - Kenilworth, IL
Most people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options and prudently use the restricted resources for attaining 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 targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your situation and that you are doing something beneficial for your financial predicament. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen all too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you could end up impairing the accumulation of wealth. For instance, relying 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 will make you realize that the type of investment you choose affects the after-tax return. Remember, it's not about the returns an investment produces; 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'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 - Kenilworth, 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 center, each of the different components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to realize your financial targets really start to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you need to 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 feel free to contact us at any time and we'll be glad to help you!
