Financial Planning – Shorewood
The most popular misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there is a whole lot more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic process that helps you make better decisions by turning vague goals into concrete plans, offering a road map for action. Having a financial plan - and sticking with it - provides you with a true advantage when it comes to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Shorewood
Frequently folks say that they are saving for retirement or saving for their little one's education. They sound like specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you aren't sure whether you'll 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 provides peace of mind and assurance. 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 - Shorewood
Most people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices and prudently use the restricted 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 and every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your situation and that you're doing something positive for your financial situation. Financial planning provides a map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you are focused on 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 various kinds of investments are subject to differing tax rates could 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. Keep in mind, it isn't 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 is 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'll have because of the tax liability that's waiting for you.
Influence of Financial Planning - Shorewood
The impact 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 of the various elements of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you start to make progress along every one of those spokes, you are going to begin to gain traction overall, and you'll 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 lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more information, please feel free to contact us at any time and we'll be happy to help you!
