Financial Planning Services – Dundee, Illinois
The most typical misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make sensible investment choices, but there is a whole lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic method that can help you make better decisions by turning vague targets into concrete plans, giving a guide for action. Having a financial plan - and sticking to it - will give you a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Dundee, Illinois
Frequently individuals say that they're saving for retirement or saving for their children's education. They seem like precise goals, however they are really quite vague. Financial planning can find the key numbers - How much should you save and also by when? If you are not sure whether you'll have enough to live on post-retirement, it can create anxiety. But when you know what you have to do and that you are following the financial plan, it provides peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Dundee, Illinois
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated options 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 goals, 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'll have the secure feeling of knowing that a specialist has reviewed your needs and that you are doing something positive for your financial situation. Financial planning supplies a 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 are centered on the near-term rather than on much wider long-term implications, then you may 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 could be damaging for your financial health. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment produces; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're concerned about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that's waiting for you.
Impact of Financial Planning - Dundee, Illinois
The impact of sound financial planning on overall 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 middle, each one of the different components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll start to gain traction overall, and you'll see your ability to recognize your financial goals really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more information, please don't hesitate to contact us at any time and we'll be happy to help you!
