Financial Planning Company – Glencoe, Illinois

The most common misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there is much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that helps you make better decisions by turning vague objectives into concrete strategies, providing a map for action. Having a financial plan - and sticking with it - will give you a true edge with regards to planning your retirement and also other long-term financial and life goals.

Retirement Planning/Children's Education Funds - Glencoe, Illinois

Often folks say that they are saving for retirement or saving for their children's education. They seem like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you aren't sure whether you'll 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 gives you peace of mind and assurance. When 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 decisions.

Certified Financial Planners - Glencoe, Illinois

Many people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices and prudently use the restricted 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 can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a specialist has reviewed your needs and that you're doing something beneficial 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 financially.

Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Don't forget, it's not 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 potential nest eggs. It is pre-tax returns you're concerned 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 is awaiting you.

Impact of Financial Planning - Glencoe, Illinois

The impact of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each one of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you start to make progress along every one of those spokes, you are going to start to gain traction all round, and you will 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 families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.

Financial Planning can be a life process. Ideally, you should meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet on a regular basis 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 will be happy to help you!