Financial Planning – Bloomingdale, IL
The most common 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 intelligent investment choices, but there's a whole lot more to it. Financial Planning is the method 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 strategies, offering a road map for action. Having a financial plan - and sticking to it - will give you a true edge with regards to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Bloomingdale, IL
Often individuals say that they're saving for retirement or saving for their little one's schooling. They seem like precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you're not sure whether or not you will 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 provides peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Bloomingdale, IL
Many people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated options 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 every year to achieve these goals, 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 offers a road map with an action plan that - if implemented 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 are focused on the near-term rather than on broader long-term implications, then you might wind up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates might be harmful for your financial health. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Don't forget, 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 foreseeable future nest eggs. It's pre-tax returns you're worried 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 - Bloomingdale, IL
The influence of sound financial planning on over-all financial well-being is multifold and also multidimensional. In fact 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 buying a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes to 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 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 strong relationships.
Financial Planning is a life process. Preferably, you need to meet a financial planner as early as possible in your life and set up 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 feel free to contact us at any time and we'll be glad to help you!
