Financial Planning Services – Harvey
The most popular misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make intelligent investment choices, but there is so much more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague targets into concrete plans, supplying a guide for action. Having a financial plan - and sticking to it - provides you with a true edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Harvey
Frequently individuals say that they are saving for retirement or saving for their children's schooling. They could be seen as precise goals, but they're really quite vague. Financial planning can find the important numbers - How much must 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 once you know what you should do and that you are following the financial plan, it provides peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planners - Harvey
Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable choices and prudently use the limited 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 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 situation and that you're 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 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 build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment generates; it comes down to the net income that comes in your hands. A lot 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 which is waiting for you.
Impact of Financial Planning - Harvey
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the different aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to recognize your financial targets really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Preferably, you should 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 track.
For more information, please feel free to contact us at any time and we'll be happy to help you!