Financial Planning Services – Winnetka, Illinois
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 wise investment decisions, but there's much more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic process that helps you make better decisions by turning vague goals into concrete plans, offering a guide for action. Having a financial plan - and sticking to it - gives you a real edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Winnetka, Illinois
Frequently individuals say that they're saving for retirement or saving for their child's education. They sound like specific goals, however they are 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 stress and 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 children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Winnetka, Illinois
The majority of people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed 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 every year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment generates; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're concerned about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is waiting for you.
Impact of Financial Planning - Winnetka, Illinois
The impact of sound financial planning on over-all financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction all round, and you'll see your ability to understand your financial targets really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning can be 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 regularly to review the Financial Plan to make sure you're on the right track.
For more information, please don't hesitate to contact us at any time and we'll be glad to help you!
