Financial Planning Company – Lemont, Illinois
The most common misunderstanding regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make sensible investment decisions, but there is much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make better decisions by turning vague targets into concrete strategies, offering a road map for action. Having a financial plan - and sticking with it - gives you a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lemont, Illinois
Often folks say that they are saving for retirement or saving for their child's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much should you save and by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it provides 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 can help you make better-informed decisions.
Certified Financial Planners - Lemont, Illinois
Most 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 knowledgeable decisions 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 can help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning provides a road map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you are focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you understand that the type of investment you choose affects the after-tax return. Keep in mind, it's not about the returns an investment creates; it comes down to the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the foreseeable future 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's waiting for you.
Impact of Financial Planning - Lemont, Illinois
The impact of sound financial planning on overall 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 one of the different elements of your financial life - like buying a home, saving for retirement, planning for 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 each one of those spokes, you'll begin to gain traction all round, and you will see your ability to understand your financial targets really begin to take off. Additionally, everyone knows that one of the greatest causes 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 a life process. Preferably, you should meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more info, please don't hesitate to contact us at any time and we'll be happy to help you!
