Financial Planning Services – Blue Island, IL
The most common misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment decisions, but there's a lot more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic method that can help you make smarter decisions by turning vague goals into concrete plans, providing a guide for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Blue Island, IL
Often individuals say that they are saving for retirement or saving for their child's education. They sound like specific 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 aren't sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and self-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 decisions.
Certified Financial Planner - Blue Island, IL
Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your child'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'll have the peace of mind of knowing that an expert 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 faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you might wind up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making rather than knowing that various kinds 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 affects the after-tax return. Keep in mind, it's not about the returns an investment generates; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with 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 which is waiting for you.
Impact of Financial Planning - Blue Island, IL
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 one of the different components 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'll start to gain traction overall, and you will see your ability to understand your financial targets really start 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 planned out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more info, please do not hesitate to contact us at any time and we'll be glad to help you!
