Financial Planning Company – Oak Brook, IL
The most prevalent misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment decisions, but there is so much 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 objectives into concrete strategies, offering a map for action. Having a financial plan - and sticking with it - will give you a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Oak Brook, IL
Often individuals say that they're saving for retirement or saving for their child's schooling. They sound like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you're not sure whether you will 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 provides peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planners - Oak Brook, 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 informed choices and prudently use the limited resources for attaining 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 year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go financially.
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 could end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Remember, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that's awaiting you.
Influence of Financial Planning - Oak Brook, IL
The influence of sound financial planning on over-all financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each 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 etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll start to gain traction all round, and you will see your ability to understand your financial goals really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've planned out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Essentially, you need to meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're 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!
