Financial Planning – Chicago Ridge, 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 smart investment choices, but there's so much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, offering a map for action. Having a financial plan - and sticking to it - will give you a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Chicago Ridge, IL
Often individuals say that they're saving for retirement or saving for their little one's schooling. They seem like distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you're not sure whether or not you will have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it provides peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Chicago Ridge, IL
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices 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 targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your needs and that you are doing something positive for your financial situation. Financial planning supplies a map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you could wind up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to understanding that various kinds of investments are susceptible 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 generates; it comes down to the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the future 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 awaiting you.
Influence of Financial Planning - Chicago Ridge, IL
The influence 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 heart, each of the various elements of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction all round, and you'll see your ability to recognize your financial goals really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as soon as possible in your life and generate 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!
