Financial Planning Services – La Grange, IL
The most common misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make wise investment choices, but there's a lot more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs effectively and meet financial goals. It's 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 to it - will give you a real edge when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - La Grange, IL
Often folks say that they are saving for retirement or saving for their little one's education. They sound like distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you're not sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it provides peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - La Grange, IL
The majority of people don't have unlimited 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 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 can help you select among your priorities. Whatever you decide, you will 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 offers a road map with an action plan that - if implemented diligently - will take you where you want to go financially.
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 example, relying on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are subject to differing tax rates might be harmful for your financial health. A Certified Financial Planner can make you understand that the type of investment you choose affects the after-tax return. Keep in mind, it isn't about the returns an investment produces; it comes down to the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned about 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.
Influence of Financial Planning - La Grange, IL
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each of the different components of your financial life - like buying a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to understand your financial goals really begin to take off. Further, 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 enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Essentially, you should meet a financial planner as early 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 the right track.
For more info, please feel free to contact us at any time and we'll be happy to help you!
