Financial Planning Services – Villa Park, IL
The most typical misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make wise investment decisions, but there's a whole lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic process that can help you make smarter decisions by turning vague targets into concrete plans, offering a guide for action. Having a financial plan - and sticking with it - will give you a true edge with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Villa Park, IL
Often individuals say that they're saving for retirement or saving for their children's schooling. They seem like specific goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and by when? If you're not sure whether or not you will have enough to live on post-retirement, it can create anxiety. But once you know what you have to do and that you are following the financial plan, it offers peace of mind and 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 Planner - Villa Park, IL
Most people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices 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 every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning supplies a 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 all too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose affects the after-tax return. Keep in mind, it's not 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 foreseeable 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.
Impact of Financial Planning - Villa Park, IL
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 various components of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will begin to gain traction overall, and you will see your ability to realize your financial goals really start to take off. Further, everyone knows that one of the greatest causes 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 can be a life process. Essentially, you should meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on the right track.
For more details, please don't hesitate to contact us at any time and we will be glad to help you!
