Financial Planning Services – Des Plaines
The most typical misunderstanding regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make sensible investment choices, but there is so much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague goals into concrete strategies, supplying a guide for action. Having a financial plan - and sticking to it - gives you a real advantage when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Des Plaines
Frequently individuals say that they're saving for retirement or saving for their little one's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you aren't sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it provides peace of mind and assurance. Whenever 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 choices.
Certified Financial Planners - Des Plaines
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 options 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these goals, 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 circumstances and that you are doing something positive for your financial predicament. Financial planning supplies a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to knowing 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 realize that the kind of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned with 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.
Impact of Financial Planning - Des Plaines
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 heart, each one of the various aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you'll start to gain traction overall, and you'll see your ability to realize your financial targets really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path enjoy greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is really 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 track.
For more details, please feel free to contact us at any time and we will be glad to help you!