Financial Planning Services – Wheeling
The most common misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make wise investment decisions, but there is a whole 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's a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, providing a map for action. Having a financial plan - and sticking to it - provides you with a real edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Wheeling
Frequently folks say that they are saving for retirement or saving for their children's schooling. They seem like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Wheeling
Most people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed choices and prudently use the limited 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 goals, a Certified Financial Planner can help you choose 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're doing something beneficial for your financial situation. Financial planning offers a map with an action plan that - if implemented diligently - will take you where you want to go financially.
Missing the big picture is a problem seen too often with clients. If you are centered on the near-term rather than on much wider long-term implications, then you could wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose has an effect on the after-tax return. Remember, it isn't about the returns an investment produces; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried about 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 that's awaiting you.
Influence of Financial Planning - Wheeling
The impact 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 middle, each of the different elements of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal 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 overall, and you'll see your ability to understand your financial goals really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more info, please do not hesitate to contact us at any time and we'll be glad to help you!
