Financial Planning Services – Homer Glen
The most common misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment choices, but there is so much 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 helps you make better decisions by turning vague targets into concrete plans, giving a road map for action. Having a financial plan - and sticking with it - gives you a true advantage when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Homer Glen
Frequently people say that they are saving for retirement or saving for their child's education. They seem like precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much must you 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 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 mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planners - Homer Glen
Most people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable 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 every year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional 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 fiscally.
Missing the big picture is a problem seen all too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner will make you understand that the kind of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment produces; it comes down to the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the future 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'll have because of the tax liability that is awaiting you.
Impact of Financial Planning - Homer Glen
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, 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 on the wheel. Once you begin to make progress along each one of those spokes, you are going to begin to gain traction overall, and you will see your ability to understand your financial targets really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have planned out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Essentially, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more info, please do not hesitate to contact us at any time and we will be happy to help you!
