Financial Planning – Clarendon Hills, IL
The most prevalent misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make smart investment decisions, but there's much more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic process that can help you make better decisions by turning vague targets into concrete strategies, offering a map for action. Having a financial plan - and sticking with it - gives you a real edge with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Clarendon Hills, IL
Frequently folks say that they are saving for retirement or saving for their child's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and by when? If you're not sure whether you'll 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 offers peace of mind and confidence. When 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 Planners - Clarendon Hills, IL
Most people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions and prudently use the restricted resources for attaining 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 a specialist has reviewed your needs and that you are doing something positive for your financial predicament. 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 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 might wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment produces; it's about the net income that comes in your hands. A lot 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 will have because of the tax liability that's awaiting you.
Impact of Financial Planning - Clarendon Hills, 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 heart, each one of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction overall, and you will see your ability to recognize your financial targets really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who have planned out a financial path enjoy greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as early as possible in your lifetime 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 feel free to contact us at any time and we'll be happy to help you!
