Financial Planning Services – Fox Valley
The most popular misunderstanding about 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 is so much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic process that can help you make smarter decisions by turning vague objectives into concrete plans, providing a map for action. Having a financial plan - and sticking to it - gives you a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Fox Valley
Frequently individuals say that they're saving for retirement or saving for their little one's schooling. They sound like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you aren't sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Fox Valley
Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable decisions 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 each year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your needs and that you're doing something positive for your financial situation. Financial planning offers a road map with an action plan that - if implemented faithfully - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, 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 health. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are concerned 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 which is awaiting you.
Impact of Financial Planning - Fox Valley
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the various elements of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you are going to start to gain traction all round, and you will see your ability to understand your financial targets really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really 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 frequently to review the Financial Plan to make sure you're on track.
For more details, please do not hesitate to contact us at any time and we will be glad to help you!
