Financial Planning Company – Mount Prospect, IL
The most popular misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make smart investment choices, but there's much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make better decisions by turning vague targets into concrete plans, giving a map for action. Having a financial plan - and sticking with it - will give you a real edge with regards to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Mount Prospect, IL
Frequently individuals say that they're saving for retirement or saving for their little one'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're not sure whether you will have enough to live on post-retirement, it can create 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. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planners - Mount Prospect, IL
Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable decisions 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 choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your needs and that you are doing something positive for your financial predicament. Financial planning provides a 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 an issue seen all too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the foreseeable 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 money you will have because of the tax liability which is waiting for you.
Impact of Financial Planning - Mount Prospect, IL
The influence of sound financial planning on overall 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 various aspects of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so forth - are spokes to 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 recognize your financial goals really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on the right track.
For more info, please do not hesitate to contact us at any time and we'll be glad to help you!
