Financial Planning Services – Clarendon Hills, Illinois
The most popular misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make intelligent investment choices, but there is a whole lot more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic process that helps you make smarter decisions by turning vague targets into concrete plans, providing a guide for action. Having a financial plan - and sticking with it - gives you a true advantage with regards to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Clarendon Hills, Illinois
Often folks say that they are saving for retirement or saving for their little one's education. 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 have to do and that you are following the financial plan, it offers peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Clarendon Hills, Illinois
The majority of people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer 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 son or daughter's education as your financial targets, 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 reassurance of knowing that a specialist has reviewed your situation and that you're doing something positive for your financial situation. Financial planning provides a map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen too often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you could end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment creates; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are concerned with and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is awaiting you.
Impact of Financial Planning - Clarendon Hills, Illinois
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 center, each one of the different components of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction overall, and you'll see your ability to realize your financial targets really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as soon as possible in your lifetime 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 details, please feel free to contact us at any time and we will be happy to help you!