Financial Planning Services – Melrose Park, Illinois
The most popular misconception about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make intelligent investment choices, but there's a whole lot more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that helps you make smarter decisions by turning vague goals into concrete plans, providing a guide 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.
Retirement Planning/Children's Education Funds - Melrose Park, Illinois
Frequently people say that they're saving for retirement or saving for their child's education. They seem like precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much should you save and also by when? If you aren't sure whether or not you will have enough to live on post-retirement, it can create anxiety. But when you know what you should 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 children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Melrose Park, Illinois
The majority of people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable 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 will have the peace of mind of knowing that an expert has reviewed your needs and that you are doing something beneficial 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 in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're centered on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose has an effect on 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 do not realize the delayed tax implications on the future nest eggs. It is 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'll have because of the tax liability that is waiting for you.
Influence of Financial Planning - Melrose Park, Illinois
The impact 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 aspects of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you start to make progress along every one of those spokes, you are going to start to gain traction overall, and you will 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 money. Individuals and families who have planned out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more details, please do not hesitate to contact us at any time and we'll be glad to help you!
