Financial Planning Services – Oak Lawn, Illinois
The most popular misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make sensible investment decisions, but there's much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs effectively and meet financial goals. It is a holistic method that helps you make better decisions by turning vague goals into concrete plans, 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 along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Oak Lawn, Illinois
Often folks say that they're saving for retirement or saving for their children's schooling. They sound like distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much should you save and 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 have to do and that you are following the financial plan, it provides peace of mind and assurance. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Oak Lawn, Illinois
Most 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 knowledgeable options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner will help you select 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 positive for your financial predicament. Financial planning supplies 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 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 knowing that various kinds of investments are subject to differing tax rates might 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. Bear in mind, it isn't about the returns an investment generates; it comes down to the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're 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 is waiting for you.
Influence of Financial Planning - Oak Lawn, Illinois
The influence of sound financial planning on overall financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different aspects of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction all round, and you'll see your ability to realize your financial goals really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who've planned out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
For more details, please don't hesitate to contact us at any time and we'll be happy to help you!
