Financial Planning Company – Rolling Meadows, Illinois
The most popular misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make intelligent investment choices, but there is a whole lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic process that helps you make smarter decisions by turning vague targets into concrete plans, supplying a map for action. Having a financial plan - and sticking to it - will give you a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Rolling Meadows, Illinois
Frequently folks say that they're saving for retirement or saving for their child's schooling. They seem like specific goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you are not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it gives you peace of mind and assurance. 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 Planners - Rolling Meadows, 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 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 year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning offers a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to 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 type of investment you choose affects the after-tax return. Don't forget, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are 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's waiting for you.
Impact of Financial Planning - Rolling Meadows, Illinois
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each of the different aspects of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction all round, and you'll see your ability to understand your financial goals really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is a life process. Preferably, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more info, please feel free to contact us at any time and we will be glad to help you!
