Financial Planning – Buffalo Grove, IL
The most popular misconception about financial planning is that it is centered on 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 process of creating strategies to help you take care of your financial affairs efficiently 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 road map for action. Having a financial plan - and sticking to it - will give you a real edge with regards to planning your retirement as well as other long-term financial and life goals.
Financial Planning For the Future - Buffalo Grove, IL
Frequently individuals say that they are saving for retirement or saving for their child's education. They could be seen as specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you 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 when you know what you have to do and that you are following the financial plan, it provides peace of mind and self-assurance. When 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 Planner - Buffalo Grove, IL
Most people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices 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 can help you choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is an issue seen all too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Remember, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're concerned about 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 that is waiting for you.
Influence of Financial Planning - Buffalo Grove, IL
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction overall, and you'll see your ability to realize 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 money. 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 is really a life process. Ideally, you should 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 information, please feel free to contact us at any time and we'll be happy to help you!
