Financial Planning – Park Ridge
The most prevalent misconception about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make intelligent investment decisions, 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 targets. It is a holistic process that helps you make better decisions by turning vague goals into concrete plans, providing a guide for action. Having a financial plan - and sticking with it - gives you a true advantage with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Park Ridge
Often folks say that they're saving for retirement or saving for their child's schooling. They sound like precise goals, however they are really quite vague. Financial planning can discover the important numbers - How much do you need to save and also by when? If you're not sure whether you will have enough to live on post-retirement, it can create anxiety. But once you know what you have to 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 home, having children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Park Ridge
Most people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning supplies a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Remember, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried about 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.
Influence of Financial Planning - Park Ridge
The influence of sound financial planning on overall 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 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 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 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 have planned out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
