Financial Planning Services – Westmont
The most popular misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make sensible investment choices, but there's much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic process that can help you make smarter decisions by turning vague targets into concrete strategies, supplying a road map for action. Having a financial plan - and sticking with it - will give you a real advantage with regards to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Westmont
Often people say that they're saving for retirement or saving for their little one's education. They sound like precise goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you are not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it provides peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Westmont
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices 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 targets, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning provides a road map with an action plan that - if implemented 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 devoted to the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are worried about 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 that is awaiting you.
Impact of Financial Planning - Westmont
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each of the different elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you start to make progress along every one of those spokes, you'll start to gain traction overall, and you will see your ability to recognize your financial targets really start to take off. Additionally, we all know 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 much better and have vibrant relationships.
Financial Planning can be a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!
