Financial Planning Services – Medinah
The most typical misconception about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make sensible investment decisions, but there's a whole lot more to it. Financial Planning is the method of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic method that can help you make better decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - gives you a real edge with regards to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Medinah
Frequently people say that they're saving for retirement or saving for their little one's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you are not sure whether you will have enough to live on post-retirement, it can create anxiety. But once you know what you have to do and that you are following the financial plan, it gives you peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Medinah
Many 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 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 each and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your circumstances and that you are doing something positive 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 in financial terms.
Missing the big picture is a problem seen all too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner will make you understand that the kind of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment creates; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned about and you fail to realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that's awaiting you.
Impact of Financial Planning - Medinah
The influence of sound financial planning on overall 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 one of the different components of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction overall, and you'll see your ability to recognize your financial goals really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more details, please don't hesitate to contact us at any time and we will be glad to help you!
