Financial Planning Company – Mchenry Cary
The most prevalent 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 choices, but there's a whole 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 smarter decisions by turning vague goals into concrete plans, giving a road map for action. Having a financial plan - and sticking to it - will give you a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Financial Planning For the Future - Mchenry Cary
Frequently folks say that they're saving for retirement or saving for their child's schooling. They seem like specific goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you aren't 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 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 parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Mchenry Cary
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed choices 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 goals, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your situation and that you're doing something positive 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 fiscally.
Missing the big picture is an issue seen too frequently with clients. If you are centered on the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that different types 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's not about the returns an investment produces; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned with and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is awaiting you.
Impact of Financial Planning - Mchenry Cary
The impact 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 middle, each of the various aspects 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 will start to gain traction all round, and you'll see your ability to realize your financial goals really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more info, please do not hesitate to contact us at any time and we'll be happy to help you!
