Financial Planning Company – Maywood, IL
The most common 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 wise investment decisions, but there's so much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic process that helps you make better decisions by turning vague objectives into concrete strategies, providing a map for action. Having a financial plan - and sticking to it - will give you a real edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Maywood, IL
Often individuals say that they are saving for retirement or saving for their little one's education. They sound like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you're not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it offers peace of mind and confidence. When your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Maywood, IL
Many 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 knowledgeable decisions and prudently use the limited 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 each and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that a professional has reviewed your needs and that you are doing something beneficial for your financial situation. Financial planning supplies a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen too frequently with clients. If you're devoted to 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 as opposed to understanding that various kinds of investments are susceptible to differing tax rates could be damaging for your financial health. A Certified Financial Planner will make you understand that the kind of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned with and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that is waiting for you.
Influence of Financial Planning - Maywood, IL
The impact 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 center, each one of the different components of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal 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 start to gain traction overall, and you'll see your ability to realize your financial targets really begin 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've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more details, please feel free to contact us at any time and we'll be happy to help you!
