Financial Planning Services – Mchenry Fox River Grove, IL
The most common misunderstanding 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's a lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic method that can help you make smarter decisions by turning vague targets into concrete plans, providing a guide for action. Having a financial plan - and sticking with it - will give you a real advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Mchenry Fox River Grove, IL
Often individuals say that they are 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 discover the key numbers - How much do you need to save and by when? If you aren't sure whether 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 offers peace of mind and assurance. When 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 - Mchenry Fox River Grove, IL
The majority of 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 knowledgeable choices and prudently use the limited 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 targets, 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 predicament. 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 a problem seen too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner will make you realize that the type of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment creates; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's awaiting you.
Influence of Financial Planning - Mchenry Fox River Grove, IL
The influence of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the various components of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction all round, and you'll see your ability to realize your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as soon as possible in your lifetime and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we'll be glad to help you!
