Financial Planning Services – Palos Heights, Illinois

The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there is much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs effectively and meet financial targets. It is a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, providing a guide for action. Having a financial plan - and sticking to it - gives you a true advantage when it comes to planning your retirement and other long-term financial and life goals.

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

Often individuals say that they are saving for retirement or saving for their child's schooling. They could be seen as specific goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you're not sure whether you'll have enough to live on post-retirement, it can create anxiety. But when you know what you should 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 house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.

Certified Financial Planner - Palos Heights, 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 knowledgeable options 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 targets, 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 secure feeling of knowing that a professional has reviewed your needs and that you're doing something beneficial for your financial predicament. Financial planning provides a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.

Missing the big picture is an issue seen too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you might wind up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner will make you understand that the type of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're concerned with and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is awaiting you.

Impact of Financial Planning - Palos Heights, 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 of the different elements 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 forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you are going to start to gain traction all round, and you will see your ability to realize your financial targets 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've mapped out a financial path enjoy 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 early as possible in your lifetime and set up a long-term relationship. Then meet regularly 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 will be happy to help you!