Financial Planning – Western Springs, IL
The most prevalent 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 is a lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague targets into concrete strategies, giving a guide for action. Having a financial plan - and sticking to it - gives you a real advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Western Springs, IL
Often people say that they are saving for retirement or saving for their children's education. They seem like distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much should 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 when you know what you have to 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 mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Western Springs, IL
The majority of 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 informed decisions and prudently use the limited resources for reaching 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 year to achieve these targets, a Certified Financial Planner can 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're doing something beneficial for your financial predicament. Financial planning supplies a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is a problem seen too frequently with clients. If you're focused on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Remember, it isn't 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 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'll have because of the tax liability which is awaiting you.
Influence of Financial Planning - Western Springs, IL
The impact of sound financial planning on overall 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 aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction all round, and you'll see your ability to realize your financial goals really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
