Financial Planning – Kenilworth, IL
The most common misunderstanding regarding 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 a whole lot more to it. Financial Planning is the method of developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic method that helps you make better decisions by turning vague goals into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Kenilworth, IL
Often individuals say that they're saving for retirement or saving for their little one's schooling. 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're not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it gives you peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Kenilworth, IL
Most people do not have unlimited 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 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 goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning provides 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 too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose has an effect on the after-tax return. Don't forget, it isn't about the returns an investment creates; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the foreseeable 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 cash you will have because of the tax liability that's awaiting 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 middle, each of the different aspects of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will begin to gain traction all round, and you'll see your ability to realize your financial targets really start to take off. Additionally, 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, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Preferably, you should 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 information, please do not hesitate to contact us at any time and we'll be glad to help you!
