Financial Planning – Dundee, Illinois
The most common misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment choices, but there's a lot 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 method that can help you make better decisions by turning vague goals into concrete plans, giving a guide for action. Having a financial plan - and sticking with it - gives you a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Dundee, Illinois
Often individuals say that they're saving for retirement or saving for their little one's schooling. They could be seen as specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you 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 when you know what you have to 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 choices.
Certified Financial Planners - Dundee, Illinois
The majority of people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices 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 every year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your needs and that you're doing something positive for your financial predicament. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go fiscally.
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 may wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose affects the after-tax return. Don't forget, it isn't 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 foreseeable future nest eggs. It's pre-tax returns you're concerned with 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 - Dundee, Illinois
The impact of sound financial planning on over-all financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different aspects of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you are going to begin to gain traction overall, and you will see your ability to realize your financial targets really start to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more info, please feel free to contact us at any time and we'll be glad to help you!
