Financial Planning Company – Roselle, IL
The most prevalent misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment decisions, but there is a lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic process that helps you make better decisions by turning vague targets into concrete plans, giving a road map for action. Having a financial plan - and sticking to it - will give you a true edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Roselle, IL
Frequently people 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 discover the key numbers - How much should you save and also by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But when you know what you have to do and that you are following the financial plan, it provides peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Roselle, IL
Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that a professional has reviewed your needs and that you're doing something positive for your financial situation. Financial planning provides a 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 too frequently with clients. If you're devoted to the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to knowing that different types 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 impacts the after-tax return. Remember, it's not about the returns an investment produces; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned with and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that's waiting for you.
Influence of Financial Planning - Roselle, IL
The influence 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 heart, each of the various elements of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction overall, and you'll see your ability to realize your financial goals really begin 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, worry less, sleep better and have strong relationships.
Financial Planning can be a life process. Ideally, you should meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet on a regular basis 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 will be glad to help you!
