Financial Planning Company – Lake Zurich, Illinois
The most popular misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make sensible investment decisions, but there is much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic method that helps you make better decisions by turning vague targets into concrete strategies, giving a map for action. Having a financial plan - and sticking with it - provides you with a true advantage with regards to planning your retirement and also other long-term financial and life goals.
Financial Planning For the Future - Lake Zurich, Illinois
Often people say that they are saving for retirement or saving for their child's schooling. They seem like distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you are not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it offers 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 can help you make better-informed decisions.
Certified Financial Planners - Lake Zurich, Illinois
The majority of 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 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 goals, but you only have Rs. 1,000 extra each and 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 circumstances and that you're doing something positive for your financial situation. Financial planning supplies a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Remember, it's not about the returns an investment generates; 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'll have because of the tax liability that is awaiting you.
Impact of Financial Planning - Lake Zurich, 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 various elements of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to start to gain traction all round, and you'll see your ability to realize your financial goals really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path enjoy greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning can be 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 happy to help you!
