Financial Planning – Lyons
The most prevalent misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment decisions, but there is a whole lot more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs efficiently and meet financial targets. It is a holistic process 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 - will give you a true edge when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lyons
Frequently folks say that they're saving for retirement or saving for their little one's education. They seem like distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much should you save and also by when? If you are not sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But when 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 kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Lyons
The majority of people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated 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 and every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your situation and that you are doing something positive for your financial situation. Financial planning supplies 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 too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Remember, it isn't about the returns an investment produces; 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 future nest eggs. It is pre-tax returns you are concerned with and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that's awaiting you.
Influence of Financial Planning - Lyons
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different aspects of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction overall, and you will see your ability to realize 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 cash. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
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