Financial Planning – Wheaton, IL
The most common misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment choices, but there is much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic process that can help you make better decisions by turning vague goals into concrete plans, giving a road map for action. Having a financial plan - and sticking to it - provides you with a true edge with regards to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Wheaton, IL
Frequently individuals say that they are saving for retirement or saving for their little one's schooling. They could be seen as precise goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you aren't sure whether or not you'll 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 self-assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Wheaton, IL
Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is a problem seen all too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For example, 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 will make you understand that the kind of investment you choose has an effect on the after-tax return. Remember, it's not about the returns an investment produces; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It's 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 is waiting for you.
Impact of Financial Planning - Wheaton, 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 center, each one of the various components of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so forth - are spokes to the wheel. Once you start to make progress along each one of those spokes, you'll start to gain traction overall, and you will see your ability to realize your financial targets 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 have planned out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Essentially, you need to meet a financial planner as early as possible in your lifetime and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we will be glad to help you!
