Financial Planning Services – Bartlett
The most common misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make smart investment choices, but there is a lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete plans, supplying 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 and also other long-term financial and life goals.
Financial Planning For the Future - Bartlett
Often folks say that they are saving for retirement or saving for their children's schooling. They seem 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 or not 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 home, having children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planners - Bartlett
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 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 goals, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is a problem seen all too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment generates; it comes down to the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're concerned with 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 which is awaiting you.
Impact of Financial Planning - Bartlett
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each of the various aspects of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes to the wheel. Once you begin 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 begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path enjoy greater well-being, fret 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 lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
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