Financial Planning Services – La Grange Park, IL
The most common misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there's so much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that can help you make smarter decisions by turning vague objectives into concrete strategies, offering a map for action. Having a financial plan - and sticking with it - gives you a true advantage when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - La Grange Park, IL
Often people say that they're saving for retirement or saving for their child's schooling. They sound like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much should 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 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 self-assurance. Whenever 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 decisions.
Certified Financial Planners - La Grange Park, IL
Most 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 informed options 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 targets, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible 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. Remember, it isn't about the returns an investment generates; it's about the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're concerned with 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's awaiting you.
Impact of Financial Planning - La Grange Park, IL
The influence of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different elements of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction all round, and you will see your ability to realize your financial targets really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who have planned out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is really a life process. Essentially, you need to meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more info, please do not hesitate to contact us at any time and we will be happy to help you!
