Financial Planning Services – Mundelein, Illinois
The most common misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make intelligent investment decisions, but there is a lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic process 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 - provides you with a true edge when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Mundelein, Illinois
Frequently individuals say that they're saving for retirement or saving for their children's schooling. They seem like distinct 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 are not sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it provides peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Mundelein, Illinois
Most people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed decisions and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem seen 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, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you realize that the kind 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. Lots of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with and you fail to 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.
Influence of Financial Planning - Mundelein, 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 heart, each of the different elements 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 on the wheel. Once you start to make progress along every one of those spokes, you'll begin to gain traction overall, and you will see your ability to recognize your financial targets really start 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 planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as soon 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 track.
For more details, please feel free to contact us at any time and we'll be glad to help you!
