Financial Planning – Park Ridge, IL
The most prevalent misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there is a whole lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic method that can help you make better decisions by turning vague objectives into concrete strategies, providing a guide for action. Having a financial plan - and sticking with it - gives you a true edge when it comes to planning your retirement as well as other long-term financial and life goals.
Financial Planning For the Future - Park Ridge, IL
Often folks say that they are saving for retirement or saving for their children's education. They seem like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you're not sure whether or not 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 offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Park Ridge, IL
Most 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 educated choices 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 goals, but you only have Rs. 1,000 extra every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll 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 provides 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 example, counting on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner will make you understand that the kind of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment creates; it's about the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're worried about 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 that's waiting for you.
Influence of Financial Planning - Park Ridge, IL
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the different components of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction overall, and you'll see your ability to recognize your financial goals really begin to take off. Additionally, we all know 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, 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 early as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more information, please feel free to contact us at any time and we'll be glad to help you!
