Financial Planning Company – Elmhurst, Illinois
The most common misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment choices, but there's much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that can help you make smarter decisions by turning vague objectives into concrete plans, giving a road map for action. Having a financial plan - and sticking to it - gives you a real edge with regards to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Elmhurst, Illinois
Frequently individuals say that they are saving for retirement or saving for their little one's schooling. They seem like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and also by when? If you are not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you have to do and that you are following the financial plan, it offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Elmhurst, Illinois
Most people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra every year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that a professional has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning supplies a road map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Don't forget, it isn't 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's pre-tax returns you're worried 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 which is waiting for you.
Influence of Financial Planning - Elmhurst, Illinois
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 middle, each of the different aspects of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal 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 all round, and you'll see your ability to recognize your financial targets really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you need to meet a financial planner as soon 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 track.
For more details, please don't hesitate to contact us at any time and we will be happy to help you!