Financial Planning Services – Deerfield
The most typical misunderstanding about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make intelligent investment choices, but there is much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, offering a map for action. Having a financial plan - and sticking with it - will give you a true advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Deerfield
Often individuals say that they are saving for retirement or saving for their children's schooling. They sound like precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you are not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it gives you peace of mind and assurance. When 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 - Deerfield
The majority of people do not have unlimited 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 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 each year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your needs and that you're doing something beneficial for your financial predicament. Financial planning provides a road map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you're focused on 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 rather than knowing that various kinds of investments are susceptible to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can make you realize that the type of investment you choose has an effect on the after-tax return. Don't forget, it isn't about the returns an investment generates; it comes down to the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are 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 is awaiting you.
Impact of Financial Planning - Deerfield
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction all round, and you will see your ability to understand your financial targets really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
