Financial Planning – Lake Forest, Illinois
The most popular misunderstanding 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 much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It is a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, providing a map for action. Having a financial plan - and sticking with it - provides you with a real edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lake Forest, Illinois
Frequently people say that they are saving for retirement or saving for their little one's schooling. They sound like distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and by when? If you are not sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should 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 house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Lake Forest, Illinois
Most people don't 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 child's education as your financial targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning offers a road map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too frequently with clients. If you are focused on the near-term rather than on much wider long-term implications, then you may wind up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are subject to differing tax rates might be damaging 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. Don't forget, it isn't about the returns an investment produces; it comes down to 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 is pre-tax returns you're concerned with 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 that's awaiting you.
Influence of Financial Planning - Lake Forest, Illinois
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 middle, each 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 on the wheel. Once you start to make progress along each one of those spokes, you'll begin to gain traction all round, 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 cash. Individuals and families who've mapped 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 begin 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 feel free to contact us at any time and we'll be glad to help you!
