Financial Planning Company – Bartlett, IL
The most typical misunderstanding regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment choices, but there's much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic process that helps you make smarter decisions by turning vague targets into concrete strategies, supplying a map for action. Having a financial plan - and sticking with it - provides you with a real edge when it comes to planning your retirement and other long-term financial and life goals.
Financial Planning For the Future - Bartlett, IL
Often individuals say that they're saving for retirement or saving for their child's schooling. They seem like specific 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 will 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 gives you peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Bartlett, IL
Most 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 choices 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 targets, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your needs and that you are 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 fiscally.
Missing the big picture is a problem seen all too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates might be harmful for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment produces; it's about the net income that comes in your hand. Lots 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 cash you will have because of the tax liability that's waiting for you.
Impact of Financial Planning - Bartlett, IL
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 heart, each one of the different elements of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction all round, and you will see your ability to recognize 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 cash. Individuals and also families who have planned out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Preferably, 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 track.
For more details, please feel free to contact us at any time and we will be glad to help you!
