Financial Planning Services – Lombard, Illinois

The most common misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make wise investment choices, but there is much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic process that helps you make better decisions by turning vague targets into concrete strategies, providing a guide for action. Having a financial plan - and sticking with it - will give you a real advantage when it comes to planning your retirement and also other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Lombard, Illinois

Often folks say that they're saving for retirement or saving for their child's schooling. They could be seen as precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and also by when? If you are not sure whether you will have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it offers 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 choices.

Certified Financial Planner - Lombard, Illinois

Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed choices and prudently use the restricted 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 every 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 situation and that you are doing something beneficial for your financial predicament. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.

Missing the big picture is a problem seen all too often with clients. If you're centered on the near-term rather than on broader long-term implications, then you might wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are subject to differing tax rates could be harmful for your financial health. 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's not about the returns an investment generates; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the potential nest eggs. It's 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 - Lombard, Illinois

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 heart, each one of the different components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction overall, and you will see your ability to understand your financial targets really begin to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've planned out a financial path enjoy greater well-being, fret less, sleep better and have vibrant relationships.

Financial Planning is a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and set up 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 glad to help you!