Financial Planning Company – Prospect Heights, Illinois
The most common misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment choices, but there's a whole lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic process that can help you make better decisions by turning vague targets into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - provides you with a real advantage with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Prospect Heights, Illinois
Often folks say that they're saving for retirement or saving for their little one's schooling. They seem like distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and by when? If you are not sure whether or not you will have enough to live on post-retirement, it can create anxiety. But once 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 house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Prospect Heights, Illinois
Most people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable decisions 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 targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning provides a road map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment creates; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential 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 which is waiting for you.
Influence of Financial Planning - Prospect Heights, Illinois
The influence 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 center, each of the different components of your financial life - like buying a house, 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 each one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to recognize your financial goals really begin to take off. Further, everyone knows that one of the greatest sources 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 much better and have strong relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more details, please feel free to contact us at any time and we'll be glad to help you!
