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 choices, but there is a whole lot more to it. Financial Planning is the method of creating strategies to help you manage 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, giving a road map for action. Having a financial plan - and sticking with it - will give you a real edge 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 people say that they are saving for retirement or saving for their child's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much must you save and also by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it gives you 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 can help you make better-informed choices.
Certified Financial Planner - Carol Stream, IL
Most people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable decisions 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'll have the secure feeling of knowing that a specialist has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning provides a road map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Bear 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 potential nest eggs. It's pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability which is awaiting you.
Influence of Financial Planning - Carol Stream, IL
The influence of sound financial planning on over-all financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each one of the various elements of your financial life - like buying a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction all round, and you'll see your ability to understand your financial targets really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning can be a life process. Ideally, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on the right track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!
