Financial Planning Company – Carol Stream, IL
The most common misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make intelligent investment decisions, but there's a lot more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic process that helps you make better decisions by turning vague goals into concrete strategies, supplying a map for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Carol Stream, IL
Frequently folks say that they are saving for retirement or saving for their child's education. They seem like precise 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'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 gives you peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Carol Stream, IL
The majority of 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 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 and every year to achieve these goals, a Certified Financial Planner can 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 situation. Financial planning offers a road map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you're centered on the near-term rather than on broader long-term implications, then you could end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner will make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it's not 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's pre-tax returns you are concerned with 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 that is waiting for you.
Influence of Financial Planning - Carol Stream, IL
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the various elements of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction overall, and you will see your ability to recognize your financial targets really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is 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 regularly to review the Financial Plan to make sure you are on the right track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
