Financial Planning – Woodridge, Illinois
The most popular 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 intelligent investment decisions, but there's a whole lot more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial targets. It is a holistic method that can help you make smarter decisions by turning vague goals into concrete plans, offering a map for action. Having a financial plan - and sticking with it - will give you a true edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Woodridge, Illinois
Frequently individuals say that they are saving for retirement or saving for their children's education. They sound like distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much must you 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 once you know what you have to do and that you are following the financial plan, it offers peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planners - Woodridge, Illinois
Most people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions 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 targets, 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 needs and that you're doing something beneficial for your financial predicament. Financial planning offers a road 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 too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner will make you understand that the kind of investment you choose impacts the after-tax return. Remember, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are concerned about 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 that's waiting for you.
Impact of Financial Planning - Woodridge, Illinois
The influence of sound financial planning on overall 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 various aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction all round, and you'll see your ability to realize your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.
For more details, please do not hesitate to contact us at any time and we will be happy to help you!
