Financial Planning – Streamwood, Illinois
The most typical misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment decisions, but there is much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, providing a guide for action. Having a financial plan - and sticking to it - provides you with a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Streamwood, Illinois
Frequently individuals say that they are saving for retirement or saving for their little one's schooling. They seem like specific goals, but they're really quite vague. Financial planning can discover the important numbers - How much do you need to save and also 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 offers peace of mind and confidence. 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 Planner - Streamwood, Illinois
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 targets, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your situation and that you are doing something beneficial for your financial predicament. Financial planning offers a road map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is an issue seen too frequently with clients. If you are focused on the near-term rather than on much wider long-term implications, then you might end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing 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 impacts the after-tax return. Bear in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are concerned 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 is waiting for you.
Impact of Financial Planning - Streamwood, Illinois
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 of the different components of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your ideal 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 start to gain traction all round, and you'll see your ability to realize your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more details, please feel free to contact us at any time and we'll be happy to help you!
