Financial Planning Company – Stone Park
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's so much more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs efficiently and meet financial goals. It is a holistic method that can help you make better decisions by turning vague goals into concrete plans, providing a guide for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Stone Park
Frequently individuals say that they are saving for retirement or saving for their little one's education. They could be seen as specific goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you aren't 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 offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Stone Park
Most people do not have unlimited resources. In such a situation, 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 and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your situation and that you're 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 financially.
Missing the big picture is an issue seen too frequently with clients. If you're focused on the near-term rather than on much wider 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 instead of understanding that various kinds of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment generates; it's about 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's pre-tax returns you're worried about and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's waiting for you.
Impact of Financial Planning - Stone Park
The impact of sound financial planning on over-all financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you'll begin to gain traction overall, 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 also families who have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more information, please don't hesitate to contact us at any time and we'll be happy to help you!
