Financial Planning Services – Naperville, IL
The most prevalent misunderstanding about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make intelligent investment decisions, but there is a lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic method that helps you make better decisions by turning vague goals into concrete plans, giving a road map for action. Having a financial plan - and sticking to it - gives you a true edge when it comes to planning your retirement and other long-term financial and life goals.
Financial Planning For the Future - Naperville, IL
Frequently individuals say that they are saving for retirement or saving for their child's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should 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 home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Naperville, IL
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 decisions and prudently use the restricted resources for reaching 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 can help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your situation and that you are doing something beneficial for your financial situation. Financial planning supplies a map with an action plan that - if implemented faithfully - will take you where you want to go in financial terms.
Missing the big picture is a problem seen all too often with clients. If you are centered on the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to understanding 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 impacts the after-tax return. Remember, it isn't about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're concerned with and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that is waiting for you.
Influence of Financial Planning - Naperville, IL
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 center, each one of the different elements of your financial life - like buying a house, saving for retirement, planning for children's education, owning your ideal car, debt management and so forth - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction overall, and you'll see your ability to understand your financial goals really start to take off. Further, everyone knows 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, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as early as possible in your lifetime 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 information, please don't hesitate to contact us at any time and we'll be happy to help you!
