Financial Planning – Park Ridge, Illinois
The most prevalent misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make sensible investment choices, but there's much more to it. Financial Planning is the method of developing strategies to help you take care of 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 plans, providing a road map for action. Having a financial plan - and sticking with it - gives you a real advantage when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Park Ridge, Illinois
Frequently individuals say that they're saving for retirement or saving for their child's education. They seem like specific goals, but they're really quite vague. Financial planning can find the key numbers - How much should you save and also by when? If you aren't 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 gives you peace of mind and confidence. When 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 Planner - Park Ridge, Illinois
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 choices and prudently use the restricted 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 and every year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning supplies a road map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Keep in mind, it's not about the returns an investment generates; it's about 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's pre-tax returns you're concerned about 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.
Impact of Financial Planning - Park Ridge, Illinois
The impact 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 components 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 are going to begin to gain traction all round, and you will see your ability to realize 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've planned out a financial path enjoy greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more details, please do not hesitate to contact us at any time and we'll be glad to help you!
