Financial Planning Services – Lake Forest, Illinois

The most popular 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 intelligent investment choices, but there is a lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic process that can help you make better decisions by turning vague targets into concrete plans, offering a road map for action. Having a financial plan - and sticking with it - provides you with a real advantage when it comes to planning your retirement and other long-term financial and life goals.

Financial Planning For the Future - Lake Forest, Illinois

Often people say that they are saving for retirement or saving for their child's education. They could be seen as specific 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 aren't sure whether you will 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 confidence. 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 choices.

Certified Financial Planners - Lake Forest, Illinois

Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed choices and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra every year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning provides a road 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 an issue seen too frequently with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner can make you understand that the type of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried about and you fail to 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.

Influence of Financial Planning - Lake Forest, Illinois

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 heart, each of the various elements of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on 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 realize your financial goals really start to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.

Financial Planning is really a life process. Ideally, you need to meet a financial planner as soon as possible in your life and establish 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 details, please feel free to contact us at any time and we will be glad to help you!