Financial Planning Company – Highwood
The most prevalent misunderstanding 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 much more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic method that helps you make better decisions by turning vague goals into concrete plans, offering a road map for action. Having a financial plan - and sticking to it - gives you a real advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Highwood
Often folks say that they're saving for retirement or saving for their children's education. They sound like specific goals, but they're really quite vague. Financial planning can discover the important numbers - How much must you save and also by when? If you aren't sure whether or not 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 provides peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planners - Highwood
Many 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 knowledgeable options 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 goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your needs and that you are doing something positive for your financial situation. 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 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 accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose has an effect on the after-tax return. Don't forget, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. A lot 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 cash you'll have because of the tax liability which is awaiting you.
Influence of Financial Planning - Highwood
The influence of sound financial planning on over-all financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the various aspects of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - 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 also families who've planned out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is really a life process. Essentially, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.
For more details, please don't hesitate to contact us at any time and we will be glad to help you!
