Financial Planning Services – Glenview, Illinois
The most prevalent misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make intelligent investment choices, but there's a lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic method that helps you make better decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - will give you a real edge when it comes to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Glenview, Illinois
Often people say that they're saving for retirement or saving for their child's schooling. They sound like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you are not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to 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 home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planner - Glenview, Illinois
Most 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 attaining 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 select among your priorities. Whatever you decide, you will have the peace of mind of knowing that an expert has reviewed your situation and that you are doing something beneficial for your financial predicament. Financial planning provides a road map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it's not about the returns an investment produces; it's about the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're worried about and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that's awaiting you.
Influence of Financial Planning - Glenview, 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 various components of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you are going to start to gain traction overall, and you will see your ability to understand your financial targets really start to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more details, please do not hesitate to contact us at any time and we'll be glad to help you!
