Financial Planning Company – Lincolnwood, IL
The most typical misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make intelligent investment choices, but there is much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial targets. It's 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 with it - gives 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 - Lincolnwood, IL
Frequently people say that they are saving for retirement or saving for their child's education. They sound like distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much must you save and also by when? If you're not sure whether you will 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. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Lincolnwood, 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 limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning offers 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 a problem seen all too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you might end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the potential 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 will have because of the tax liability which is awaiting you.
Influence of Financial Planning - Lincolnwood, IL
The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each one of the various 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 begin to make progress along each one of those spokes, you will start to gain traction overall, and you will see your ability to realize your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who've planned out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is a life process. Preferably, you need to 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 the right track.
For more details, please feel free to contact us at any time and we'll be happy to help you!
