Financial Planning Services – Saint Charles
The most typical misunderstanding regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make sensible investment decisions, but there is so much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague objectives into concrete strategies, providing a guide for action. Having a financial plan - and sticking to it - provides you with a true edge with regards to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Saint Charles
Often folks say that they're saving for retirement or saving for their children'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 aren't 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 offers peace of mind and self-assurance. When 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 Planners - Saint Charles
Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable 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 targets, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your situation and that you are doing something beneficial for your financial predicament. Financial planning supplies a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen all too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding 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 realize that the kind of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with 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 awaiting you.
Influence of Financial Planning - Saint Charles
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 heart, each one of the different aspects of your financial life - like purchasing a house, saving for retirement, planning for 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 begin to gain traction all round, and you'll see your ability to realize your financial targets really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more info, please do not hesitate to contact us at any time and we'll be happy to help you!
