Financial Planning – Northbrook, Illinois

The most prevalent misunderstanding regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make smart investment choices, but there's so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial goals. It is a holistic method that can help you make smarter decisions by turning vague objectives into concrete strategies, supplying a guide for action. Having a financial plan - and sticking with it - will give you a real advantage with regards to planning your retirement and other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Northbrook, Illinois

Often individuals say that they are saving for retirement or saving for their children's education. They sound like precise 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 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 offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed choices.

Certified Financial Planners - Northbrook, Illinois

Many people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated 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 each and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your needs and that you're doing something positive for your financial situation. Financial planning offers 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 too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates could be damaging for your financial health. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Bear in mind, it isn't about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the foreseeable 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 will have because of the tax liability that's waiting for you.

Impact of Financial Planning - Northbrook, Illinois

The impact 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 various aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction overall, and you will see your ability to recognize your financial goals really start to take off. Additionally, 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 better and have strong relationships.

Financial Planning is a life process. Essentially, you should 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're on track.

For more information, please do not hesitate to contact us at any time and we'll be glad to help you!