Financial Planning – Medinah, IL
The most common misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment choices, but there is a lot more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs efficiently and meet financial goals. It is a holistic method that helps you make smarter decisions by turning vague goals into concrete strategies, providing a map for action. Having a financial plan - and sticking with it - provides you with a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Medinah, IL
Frequently folks say that they're saving for retirement or saving for their children's education. They seem like distinct goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and also by when? If you aren't sure whether you'll 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 confidence. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planners - Medinah, IL
The majority of people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide 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 each year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning supplies 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 a problem seen too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the future 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 cash you'll have because of the tax liability that's awaiting you.
Influence of Financial Planning - Medinah, 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 heart, each of the various aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you are going to start to gain traction all round, and you'll see your ability to realize your financial goals 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 also families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
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