Financial Planning Services – Midlothian, Illinois
The most typical misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment choices, but there's much more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs efficiently and meet financial goals. It's a holistic process that can help you make smarter decisions by turning vague targets into concrete plans, offering a map for action. Having a financial plan - and sticking to it - will give you a true advantage when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Midlothian, Illinois
Frequently people say that they are saving for retirement or saving for their little one's education. They sound like precise 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're not sure whether you will 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 gives you 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 parents, financial planning can help you make better-informed choices.
Certified Financial Planners - Midlothian, Illinois
The majority of people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer 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 son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each 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 a specialist has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning supplies a road map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too frequently with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that different types 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 affects the after-tax return. Remember, it's not about the returns an investment creates; it comes down to 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's pre-tax returns you are concerned 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's waiting for you.
Impact of Financial Planning - Midlothian, Illinois
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact 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 buying a home, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to start to gain traction overall, and you'll see your ability to recognize your financial goals really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more details, please don't hesitate to contact us at any time and we will be happy to help you!
