Financial Planning Company – Lansing
The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment choices, but there's a lot more to it. Financial Planning is the process of creating 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 plans, providing a map for action. Having a financial plan - and sticking to it - provides you with a real advantage when it comes to planning your retirement and other long-term financial and life goals.
Financial Planning For the Future - Lansing
Frequently individuals say that they're saving for retirement or saving for their children's education. They seem like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you are not sure whether 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 assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Lansing
Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed 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 goals, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that a professional has reviewed your situation and that you are doing something beneficial for your financial predicament. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen all too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's waiting for you.
Impact of Financial Planning - Lansing
The influence 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 center, each of the different elements of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction all round, and you'll see your ability to understand your financial goals really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Ideally, you need to meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet frequently 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 happy to help you!
