Financial Planning – Hillside
The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment choices, but there is so much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic process that helps you make better decisions by turning vague objectives into concrete strategies, providing a road map for action. Having a financial plan - and sticking to it - will give you a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Hillside
Often people say that they're saving for retirement or saving for their child's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create stress and 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. 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 choices.
Certified Financial Planners - Hillside
The majority of 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 informed decisions and prudently use the restricted 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 year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll 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 offers a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is an issue seen too frequently with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might end up impairing the build up of wealth. For instance, counting 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 will make you realize that the type of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment produces; 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 foreseeable future nest eggs. It is pre-tax returns you're concerned with and you fail to realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that is awaiting you.
Impact of Financial Planning - Hillside
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each of the different 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 forth - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction all round, and you'll 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 mapped out a financial path appreciate greater well-being, worry less, sleep 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 life and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more information, please don't hesitate to contact us at any time and we'll be happy to help you!
