Financial Planning Services – Niles, Illinois
The most common misunderstanding regarding 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's a lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic method that can help you make better decisions by turning vague objectives into concrete strategies, offering a map for action. Having a financial plan - and sticking with it - gives you a true advantage with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Niles, Illinois
Often folks say that they are saving for retirement or saving for their child's schooling. They sound like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and also by when? If you are not sure whether 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. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Niles, Illinois
Most 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 educated decisions and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment generates; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned about 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 that is waiting for you.
Influence of Financial Planning - Niles, Illinois
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 heart, each of the different elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction overall, and you'll see your ability to recognize your financial targets really start 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 planned out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is 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 regularly to review the Financial Plan to make sure you're on the right track.
For more information, please do not hesitate to contact us at any time and we will be glad to help you!
