Financial Planning Services – Lake Zurich, IL
The most typical misconception 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 choices, but there's a whole lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial targets. 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 to it - will give you a true edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Lake Zurich, IL
Often folks say that they're saving for retirement or saving for their child's schooling. They sound like precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much do you need to save and also by when? If you're not sure whether or not 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 assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planner - Lake Zurich, IL
Most 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 restricted 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 every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your needs and that you're doing something positive for your financial predicament. Financial planning offers a road map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem seen all too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you could wind up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates might be harmful 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 creates; it comes down to the net income that comes in your hands. Many of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that is waiting for you.
Impact of Financial Planning - Lake Zurich, IL
The influence 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 heart, each of the different components of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction all round, and you will see your ability to understand your financial targets really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as soon as possible in your lifetime and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
