Financial Planning – Bolingbrook, 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 you should make wise investment choices, but there's a lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic process that helps you make better decisions by turning vague objectives into concrete plans, providing a road map for action. Having a financial plan - and sticking to it - gives you a true edge when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Bolingbrook, IL
Often people say that they're saving for retirement or saving for their children's education. They seem like precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much should you save and also by when? If you're not sure whether or not you'll 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 gives you peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planners - Bolingbrook, IL
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated 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 objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning supplies a map with an action plan that - if followed faithfully - will take you where you want to go financially.
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 could end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are susceptible to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose impacts the after-tax return. Keep in mind, it isn't about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the 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 cash you'll have because of the tax liability that's waiting for you.
Influence of Financial Planning - Bolingbrook, IL
The impact 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 of the various components of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you are going to start to gain traction overall, and you'll see your ability to understand your financial goals really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.
For more information, please do not hesitate to contact us at any time and we'll be glad to help you!
