Financial Planning Company – Cicero
The most common misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make intelligent investment decisions, but there's a lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic method that can help you make better decisions by turning vague targets into concrete plans, offering a road map for action. Having a financial plan - and sticking to it - will give you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Financial Planning For the Future - Cicero
Often people say that they are saving for retirement or saving for their little one's education. They sound like specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and also by when? If you are not sure whether you'll 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 offers 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 decisions.
Certified Financial Planner - Cicero
Most people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated 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 targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert 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 diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen all too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you could end up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Remember, it isn't about the returns an investment produces; it's about the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're 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 awaiting you.
Influence of Financial Planning - Cicero
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction all round, and you'll see your ability to realize your financial targets really start to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more information, please don't hesitate to contact us at any time and we'll be happy to help you!
