Financial Planning – Hanover Park, Illinois

The most typical misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make intelligent 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 targets. It is a holistic method that can help you make better decisions by turning vague goals into concrete strategies, supplying a map for action. Having a financial plan - and sticking to it - gives you a real edge with regards to planning your retirement and also other long-term financial and life goals.

Financial Planning For the Future - Hanover Park, Illinois

Often folks say that they are saving for retirement or saving for their children's schooling. They seem like distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much should you 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 when you know what you have to do and that you are following the financial plan, it gives you peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed decisions.

Certified Financial Planners - Hanover Park, Illinois

The majority of people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each and every year to achieve these goals, 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 situation and that you're doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if followed faithfully - will take you where you want to go fiscally.

Missing the big picture is an issue seen all too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making instead of knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you understand that the kind of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with 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 is awaiting you.

Influence of Financial Planning - Hanover Park, Illinois

The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different aspects of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you are going to begin to gain traction all round, and you will see your ability to understand your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.

Financial Planning can be a life process. Ideally, you need to meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.

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