Financial Planning – Woodridge, Illinois
The most typical misconception 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 whole lot more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic process that can help you make better decisions by turning vague goals into concrete plans, providing a road map for action. Having a financial plan - and sticking to it - provides you with a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Woodridge, Illinois
Frequently folks say that they are saving for retirement or saving for their child's education. They sound like distinct goals, but they're really quite vague. Financial planning can discover the important 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 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 will help you make better-informed decisions.
Certified Financial Planner - Woodridge, Illinois
Many 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 knowledgeable decisions and prudently use the limited resources for attaining 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 will help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your circumstances and that you are doing something beneficial for your financial predicament. Financial planning provides 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 too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you understand that the type of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment creates; it's about the net income that comes in your hand. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned with and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that is waiting for you.
Impact of Financial Planning - Woodridge, Illinois
The impact 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 heart, each of the different elements of your financial life - like buying a house, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you'll begin to gain traction overall, and you will see your ability to recognize your financial goals 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 planned out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as soon 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 are on the right track.
For more info, please don't hesitate to contact us at any time and we will be happy to help you!
