Financial Planning – Palatine, IL
The most common misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment choices, but there is a lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial targets. It is a holistic method that can help you make smarter decisions by turning vague goals into concrete strategies, 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 and also other long-term financial and life goals.
Financial Planning For the Future - Palatine, IL
Frequently individuals say that they are saving for retirement or saving for their children's education. They seem like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you aren't sure whether 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 gives you peace of mind and assurance. 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 choices.
Certified Financial Planners - Palatine, IL
Many people do not 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 reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning offers a road 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 an issue seen too frequently with clients. If you are centered on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner will make you realize that the type of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment produces; it comes down to the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're concerned with and you fail to 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.
Impact of Financial Planning - Palatine, IL
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the various aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to recognize your financial targets really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is a life process. Essentially, 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 track.
For more information, please feel free to contact us at any time and we'll be glad to help you!
