Financial Planning – Alsip
The most common misunderstanding regarding 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 much more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make smarter decisions by turning vague targets into concrete plans, supplying a map for action. Having a financial plan - and sticking to it - gives you a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Alsip
Often people say that they are saving for retirement or saving for their children's schooling. They could be seen as precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much must you save and also by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should 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 kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planner - Alsip
Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your situation and that you are doing something positive 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 fiscally.
Missing the big picture is an issue seen too frequently with clients. If you are focused on the near-term rather than on much wider long-term implications, then you may wind up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Keep in mind, it isn't about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're concerned about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that is waiting for you.
Influence of Financial Planning - Alsip
The influence 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 aspects of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you'll 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 causes of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be 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 on a regular basis to review the Financial Plan to make sure you are 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!
