Financial Planning – Glen Ellyn, IL
The most prevalent misunderstanding about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make wise investment choices, but there is so much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, supplying a road map for action. Having a financial plan - and sticking with it - will give you a real edge when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Glen Ellyn, IL
Often individuals say that they're saving for retirement or saving for their little one's education. They seem like specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you're not 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 self-assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Glen Ellyn, IL
Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable 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 targets, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning supplies a 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 a problem seen all too often with clients. If you're centered on the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making instead of knowing that different types of investments are susceptible 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 has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment produces; it's about the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the foreseeable 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'll have because of the tax liability that's waiting for you.
Influence of Financial Planning - Glen Ellyn, IL
The influence of sound financial planning on overall 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 middle, each of the different aspects of your financial life - like purchasing a home, 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 each one of those spokes, you are going to begin to gain traction all round, and you'll see your ability to recognize your financial targets really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Preferably, you should meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more information, please feel free to contact us at any time and we will be happy to help you!
