Financial Planning Company – Lombard, IL
The most popular misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make intelligent investment decisions, but there is a whole lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic method that can help you make smarter decisions by turning vague goals into concrete strategies, supplying a road map for action. Having a financial plan - and sticking with it - gives you a true advantage with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lombard, IL
Often people say that they're saving for retirement or saving for their children's schooling. They seem like distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much should you save and also by when? If you are not sure whether or not you'll 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 gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Lombard, IL
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated options 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 goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning offers a road map with an action plan that - if followed diligently - 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 centered on the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Keep in mind, it's not about the returns an investment generates; it's about the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the foreseeable future 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 which is awaiting you.
Influence of Financial Planning - Lombard, IL
The impact of sound financial planning on over-all financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each of the different aspects of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction all round, and you'll see your ability to realize your financial targets really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.
For more info, please don't hesitate to contact us at any time and we will be glad to help you!
