Financial Planning Company – Glen Ellyn, Illinois

The most popular misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there is so much more to it. Financial Planning is the process of creating strategies to help you manage 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 strategies, supplying a road map for action. Having a financial plan - and sticking with it - gives you a real advantage with regards to planning your retirement as well as other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Glen Ellyn, Illinois

Often individuals say that they are saving for retirement or saving for their child's schooling. They seem like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you aren't sure whether you will have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it provides peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed decisions.

Certified Financial Planners - Glen Ellyn, Illinois

Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated choices and prudently use the limited 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 can help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your needs and that you're doing something positive for your financial situation. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go fiscally.

Missing the big picture is a problem seen all too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment produces; it's about the net income that comes in your hands. Many of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're worried about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's waiting for you.

Impact of Financial Planning - Glen Ellyn, Illinois

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 center, each one of the various aspects of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction overall, and you'll see your ability to understand 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 also families who have planned 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 need to meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.

For more info, please don't hesitate to contact us at any time and we'll be happy to help you!