Financial Planning – Willowbrook, Illinois
The most common misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make sensible 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 efficiently and meet financial goals. It's a holistic method that can help you make better decisions by turning vague objectives into concrete strategies, giving a road map for action. Having a financial plan - and sticking to it - gives you a real edge when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Willowbrook, Illinois
Frequently folks say that they are saving for retirement or saving for their little one's schooling. 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 or not 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 provides peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planners - Willowbrook, Illinois
The majority of people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your needs and that you're doing something positive for your financial situation. Financial planning supplies a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem seen all too often with clients. If you are devoted to the near-term rather than on much wider 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 rather than knowing that different types of investments are subject 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. Keep in mind, it isn't 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 future 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 cash you will have because of the tax liability which is awaiting you.
Impact of Financial Planning - Willowbrook, Illinois
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 components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you will start to gain traction all round, and you will see your ability to realize your financial goals really begin 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 planned out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is really a life process. Essentially, you should meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!
