Financial Planning Services – Lake Zurich
The most popular misunderstanding about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make intelligent 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 efficiently and meet financial targets. It's a holistic method that can help you make smarter decisions by turning vague objectives into concrete strategies, providing a 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.
Saving For Retirement and Your Child's Education - Lake Zurich
Frequently individuals say that they are saving for retirement or saving for their child's schooling. They could be seen as 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 aren't sure whether you will have enough to live on post-retirement, it can create anxiety. But once you know what you should 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 will help you make better-informed decisions.
Certified Financial Planner - Lake Zurich
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 educated choices 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 every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning provides a road map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you could end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Don't forget, it isn't 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 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 cash you will have because of the tax liability that's waiting for you.
Influence of Financial Planning - Lake Zurich
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually 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 buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so forth - are spokes to the wheel. Once you start to make progress along every one of those spokes, you'll begin to gain traction overall, and you'll see your ability to understand your financial targets really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've 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 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 will be glad to help you!
