Financial Planning Company – Chicago, IL
The most common misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise 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 effectively and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, giving a guide for action. Having a financial plan - and sticking to it - provides you with a true edge with regards to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Chicago, IL
Frequently people say that they are saving for retirement or saving for their little one's schooling. They sound like distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much must you save and by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it provides peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Chicago, IL
The majority of 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 options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that a professional has reviewed your needs and that you're doing something beneficial for your financial predicament. Financial planning offers a road map with an action plan that - if implemented faithfully - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too frequently 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, relying on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Bear in mind, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned 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 is waiting for you.
Impact of Financial Planning - Chicago, IL
The influence of sound financial planning on overall 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 center, each of the different elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction all round, and you will see your ability to understand your financial goals really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more details, please feel free to contact us at any time and we will be happy to help you!
