Financial Planning Services – Lyons, Illinois
The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there is a lot more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic process that helps you make better decisions by turning vague objectives into concrete strategies, giving a guide for action. Having a financial plan - and sticking with it - provides you with a true edge with regards to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Lyons, Illinois
Frequently folks say that they are saving for retirement or saving for their children's schooling. They seem like specific goals, but they're really quite vague. Financial planning can discover the important numbers - How much must 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 when 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 children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planners - Lyons, Illinois
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 knowledgeable options and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, but you only have Rs. 1,000 extra every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a professional has reviewed your situation and that you're doing something beneficial 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 fiscally.
Missing the big picture is a problem seen too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose impacts the after-tax return. Remember, it's not about the returns an investment generates; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is 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 which is waiting for you.
Influence of Financial Planning - Lyons, 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 elements of your financial life - like buying a house, 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 start to make progress along each one of those spokes, you are going to start to gain traction overall, and you will see your ability to recognize your financial goals really start to take off. Further, we all know 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 better and have vibrant relationships.
Financial Planning can be a life process. Essentially, you should 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're on the right track.
For more information, please don't hesitate to contact us at any time and we'll be happy to help you!
