Financial Planning Services – Wood Dale, IL
The most prevalent misunderstanding about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make wise investment decisions, but there is a lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make smarter decisions by turning vague goals into concrete plans, giving a map for action. Having a financial plan - and sticking with it - provides you with a true edge when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Wood Dale, IL
Often people say that they're saving for retirement or saving for their child's education. They sound like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you're not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it gives you peace of mind and 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 can help you make better-informed decisions.
Certified Financial Planner - Wood Dale, IL
The majority of people don't have limitless 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 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 goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your circumstances and that you're doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you could wind up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment produces; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are worried about 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's waiting for you.
Influence of Financial Planning - Wood Dale, IL
The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each 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 etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you are going to begin to gain traction all round, and you will see your ability to realize your financial goals really start to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is really a life process. Essentially, you need to meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
For more info, please feel free to contact us at any time and we'll be glad to help you!
