Financial Planning Services – Highwood
The most typical misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there is a whole lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic method that can help you make better decisions by turning vague objectives into concrete plans, supplying a road map for action. Having a financial plan - and sticking with it - will give you a real advantage when it comes to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Highwood
Frequently folks say that they're saving for retirement or saving for their child's schooling. They sound like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and by when? If you are not sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it offers peace of mind and confidence. When 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 decisions.
Certified Financial Planner - Highwood
Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable decisions 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 and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your situation and that you are doing something positive for your financial situation. Financial planning provides a map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.
Missing the big picture is a problem seen all too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you may wind up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can make you understand that the type of investment you choose impacts the after-tax return. Keep in mind, it isn't about the returns an investment creates; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned with and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that's awaiting you.
Impact of Financial Planning - Highwood
The impact of sound financial planning on over-all financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each one of the various components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream 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, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who have planned out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you need to meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more details, please don't hesitate to contact us at any time and we will be happy to help you!
