Financial Planning Services – Downers Grove, IL
The most common misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make sensible investment choices, but there is a lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic method that can help you make smarter decisions by turning vague objectives into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - will give you a true edge with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Downers Grove, IL
Often individuals say that they're saving for retirement or saving for their little one's education. They could be seen as precise goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you are not sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Downers Grove, IL
The majority of people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated 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 and every year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning offers a road map with an action plan that - if followed faithfully - 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 instance, counting on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment generates; it's about 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 money you will have because of the tax liability that's awaiting you.
Influence of Financial Planning - Downers Grove, IL
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each of the various aspects of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction overall, and you will 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 have mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is a life process. Ideally, you need to 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 are on track.
For more info, please don't hesitate to contact us at any time and we'll be glad to help you!
