Financial Planning – Elgin, IL
The most prevalent 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 wise investment choices, but there is much more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic method that helps you make better decisions by turning vague goals into concrete strategies, providing a guide for action. Having a financial plan - and sticking to it - will give you a real edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Elgin, IL
Frequently folks say that they're saving for retirement or saving for their children's education. They could be seen as precise goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and by when? If you aren't sure whether you will 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 gives you peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Elgin, IL
Many 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 decisions and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning provides a 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 a problem seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you may end up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner can make you realize that the kind 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 comes down to the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are worried about 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 waiting for you.
Influence of Financial Planning - Elgin, IL
The influence 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 of the various aspects of your financial life - like purchasing a house, saving for retirement, planning for 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'll begin 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 cash. Individuals and families who've 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 soon as possible in your lifetime and set up a long-term relationship. Then meet on a regular basis 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!
