Financial Planning Services – Lombard, IL
The most common misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make intelligent investment decisions, but there is much more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic process that can help you make smarter decisions by turning vague targets into concrete plans, providing a map for action. Having a financial plan - and sticking to it - provides you with a true edge when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Lombard, IL
Frequently individuals say that they are saving for retirement or saving for their children's education. They could be seen as specific goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you're not sure whether or not 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 confidence. 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 decisions.
Certified Financial Planner - Lombard, IL
Most people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options 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 select among your priorities. Whatever you decide, you'll 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 offers a road map with an action plan that - if followed faithfully - 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 are focused on the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates could be harmful for your financial well-being. 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 generates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried about 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.
Influence of Financial Planning - Lombard, IL
The influence of sound financial planning on overall 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 various aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you'll start to gain traction all round, and you'll see your ability to realize your financial targets really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Essentially, you need to meet a financial planner as soon 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 info, please don't hesitate to contact us at any time and we will be glad to help you!
