Financial Planning Company – Lansing, IL
The most prevalent 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 decisions, but there's a lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, supplying a road map for action. Having a financial plan - and sticking to it - provides you with a real advantage with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lansing, IL
Often individuals say that they're saving for retirement or saving for their children'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 aren't sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But when you know what you have to 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 house, having children or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Lansing, IL
Most people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable choices and prudently use the restricted 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 each year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning supplies 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 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 could end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you understand that the kind of investment you choose has an effect on the after-tax return. Remember, it isn't about the returns an investment creates; it comes down to the net income that comes in your hands. Lots 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 money you will have because of the tax liability that's awaiting you.
Influence of Financial Planning - Lansing, IL
The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different aspects of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream 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 all round, and you'll see your ability to realize your financial goals really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Ideally, you should meet a financial planner as early 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 are on the right track.
For more info, please feel free to contact us at any time and we'll be happy to help you!
