Financial Planning Services – Lemont, IL
The most prevalent misunderstanding 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 decisions, but there's a whole lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic method that can help you make better decisions by turning vague goals into concrete strategies, providing a map for action. Having a financial plan - and sticking with it - will give you a true advantage with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lemont, IL
Often folks say that they are saving for retirement or saving for their child's education. They sound like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to save and also 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 will help you make better-informed decisions.
Certified Financial Planner - Lemont, IL
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions and prudently use the restricted resources for reaching 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 every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your needs and that you are doing something beneficial for your financial situation. Financial planning supplies 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 all too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you may end up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner will make you realize that the kind of investment you choose affects 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. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that's waiting for you.
Impact of Financial Planning - Lemont, 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 one of the different components of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction all round, and you will see your ability to understand 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 families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we'll be glad to help you!
