Financial Planning Services – Lake Forest, IL
The most prevalent misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there's a lot more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic process that helps you make smarter decisions by turning vague goals into concrete plans, supplying a map for action. Having a financial plan - and sticking to it - gives you a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Financial Planning For the Future - Lake Forest, IL
Frequently people say that they are saving for retirement or saving for their child's schooling. They could be seen as specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to 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 self-assurance. When 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 decisions.
Certified Financial Planners - Lake Forest, IL
Many 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 knowledgeable choices and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter'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 will have the secure feeling of knowing that an expert 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 implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making instead of knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you understand that the kind of investment you choose affects the after-tax return. Bear in mind, it's not about the returns an investment produces; it's about the net income that comes in your hand. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're concerned about and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is awaiting you.
Influence of Financial Planning - Lake Forest, IL
The impact of sound financial planning on over-all 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 one of the different components of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you start to make progress along each one of those spokes, you'll start to gain traction all round, and you'll see your ability to recognize your financial targets really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, worry 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 set up 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 don't hesitate to contact us at any time and we'll be glad to help you!
