Financial Planning Services – West Chicago, Illinois
The most common misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make smart investment choices, but there's a 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 goals. It is a holistic process that can help you make better decisions by turning vague targets into concrete strategies, giving a guide for action. Having a financial plan - and sticking to it - gives you a true advantage with regards to planning your retirement and other long-term financial and life goals.
Financial Planning For the Future - West Chicago, Illinois
Frequently individuals say that they're saving for retirement or saving for their child's education. They sound like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you are not sure whether you will 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 gives you peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - West Chicago, Illinois
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 knowledgeable options and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your needs 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 fiscally.
Missing the big picture is a problem seen too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making instead of knowing 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 realize that the type of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned with 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 which is awaiting you.
Influence of Financial Planning - West Chicago, Illinois
The impact of sound financial planning on over-all 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 one of the different elements of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction all round, and you'll see your ability to realize your financial goals 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 planned out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more details, please feel free to contact us at any time and we will be happy to help you!
