Financial Planning – Park Ridge, Illinois

The most popular misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make wise investment decisions, but there's so much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic method that helps you make smarter decisions by turning vague goals into concrete plans, giving a map for action. Having a financial plan - and sticking to it - gives you a real edge when it comes to planning your retirement as well as other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Park Ridge, Illinois

Often individuals say that they are saving for retirement or saving for their child's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and also by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it gives you peace of mind and self-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 decisions.

Certified Financial Planners - Park Ridge, Illinois

Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated options 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 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 situation and that you are doing something beneficial for your financial predicament. Financial planning provides a road map with an action plan that - if implemented diligently - will take you where you want to go fiscally.

Missing the big picture is a problem seen all too often with clients. If you are centered on the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates could 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. Keep in mind, it's not about the returns an investment produces; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried 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 which is waiting for you.

Influence of Financial Planning - Park Ridge, Illinois

The impact of sound financial planning on over-all 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 center, each of the various aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction overall, and you'll see your ability to recognize your financial goals really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.

Financial Planning is really a life process. Preferably, you need to meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.

For more info, please don't hesitate to contact us at any time and we will be glad to help you!