Financial Planning – Lake Forest, Illinois

The most common misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there is so much more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make smarter decisions by turning vague goals into concrete plans, offering a road map for action. Having a financial plan - and sticking with it - will give you a true edge with regards to planning your retirement as well as other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Lake Forest, Illinois

Often people say that they are saving for retirement or saving for their little one's schooling. They sound like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you're not sure whether or not 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 gives you peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.

Certified Financial Planners - Lake Forest, Illinois

Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options 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 year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your situation and that you're doing something beneficial for your financial situation. Financial planning offers a map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.

Missing the big picture is a problem seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment generates; 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 with and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that is waiting for you.

Influence of Financial Planning - Lake Forest, Illinois

The influence 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 center, each of the different components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you are going to begin to gain traction overall, and you will see your ability to recognize your financial targets really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.

Financial Planning can be a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.

For more info, please don't hesitate to contact us at any time and we'll be glad to help you!