Financial Planning Services – Bloomingdale, IL
The most prevalent 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 creating strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic process that can help you make smarter decisions by turning vague goals into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - gives you a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Bloomingdale, IL
Frequently people say that they're saving for retirement or saving for their child's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you aren't 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 confidence. 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 Planners - Bloomingdale, IL
Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options and prudently use the limited resources for reaching 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 goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial situation. Financial planning provides a road map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are subject to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Bear in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is awaiting you.
Influence of Financial Planning - Bloomingdale, IL
The impact 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 one of the various aspects of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to realize your financial targets really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more details, please feel free to contact us at any time and we will be glad to help you!
