Financial Planning Services – Schiller Park, Illinois
The most prevalent misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make intelligent 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 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 with it - gives you a true edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Schiller Park, Illinois
Often people say that they're saving for retirement or saving for their little one's schooling. They sound like distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much must you save and also by when? If you are not sure whether 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 offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Schiller Park, Illinois
The majority of people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning offers a road map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
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 accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Keep in mind, it isn't about the returns an investment generates; it comes down to the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're concerned with and you do not 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.
Impact of Financial Planning - Schiller Park, Illinois
The influence of sound financial planning on overall 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 various elements of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you are going to begin to gain traction overall, and you will see your ability to recognize your financial targets really begin to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is a life process. Preferably, you need to meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more information, please feel free to contact us at any time and we will be happy to help you!
