Financial Planning Company – Elmwood Park
The most common misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make sensible investment choices, but there's much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic method that can help you make smarter decisions by turning vague objectives into concrete plans, offering a road map for action. Having a financial plan - and sticking with it - gives you a true edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Elmwood Park
Frequently people 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 discover the key numbers - How much should you save and also by when? If you are not sure whether or not 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 provides peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Elmwood Park
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable choices and prudently use the limited 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 year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your situation and that you are doing something beneficial for your financial predicament. 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 a problem seen all too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are subject to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment generates; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're 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 waiting for you.
Impact of Financial Planning - Elmwood Park
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 various aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you'll start to gain traction overall, and you'll see your ability to understand your financial goals really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as soon as possible in your life and establish 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 will be glad to help you!
