Financial Planning Services – Hazel Crest, Illinois

The most prevalent misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment choices, but there is much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic process that can help you make better decisions by turning vague targets into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - will give you a real advantage with regards to planning your retirement and also other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Hazel Crest, Illinois

Often people say that they are saving for retirement or saving for their children's education. They seem like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you aren't sure whether you will 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 kids or caring for aging parents, financial planning can help you make better-informed choices.

Certified Financial Planner - Hazel Crest, Illinois

The majority of people do not 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 reaching 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 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 professional has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning supplies a road 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 an issue seen too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates could be harmful for your financial health. A Certified Financial Planner can make you understand that the kind 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. Lots of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're concerned with and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's waiting for you.

Influence of Financial Planning - Hazel Crest, Illinois

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 various elements of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction overall, and you will see your ability to realize 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 have planned out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.

Financial Planning is a life process. Ideally, you need to 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 track.

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