Financial Planning Services – Hines
The most common misunderstanding about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make sensible investment decisions, but there's a lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs effectively and meet financial goals. It's a holistic process that can help you make better decisions by turning vague targets into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - provides you with a real edge with regards to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Hines
Often individuals say that they are saving for retirement or saving for their child's schooling. They sound like distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you're not sure whether or not 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 assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Hines
Most people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated choices and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, 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 peace of mind of knowing that a specialist has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning provides a map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you're focused on the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose affects the after-tax return. Remember, it's not about the returns an investment creates; it's about 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'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Hines
The influence 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 middle, each one of the various components of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction overall, and you will see your ability to realize your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Essentially, you should meet a financial planner as soon 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 feel free to contact us at any time and we will be happy to help you!
