Financial Planning Services – Mchenry Cary, 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 you should make smart investment decisions, but there's so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic process that can help you make better decisions by turning vague targets into concrete strategies, supplying a guide for action. Having a financial plan - and sticking to it - provides you with a real advantage when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Mchenry Cary, Illinois
Often people say that they're saving for retirement or saving for their children's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you are not sure whether 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. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Mchenry Cary, Illinois
Most people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed decisions 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 each and every year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a specialist has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you're focused on the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates might be damaging 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. Keep in mind, it isn't about the returns an investment creates; it comes down to the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's waiting for you.
Influence of Financial Planning - Mchenry Cary, Illinois
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 different elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will begin to gain traction overall, and you'll see your ability to realize your financial targets really begin to take off. Further, 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, fret less, sleep better and have vibrant relationships.
Financial Planning is a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and establish 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 glad to help you!
