Financial Planning Services – Homewood, Illinois
The most prevalent misunderstanding about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make intelligent investment choices, but there's a lot more to it. Financial Planning is the method of developing strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic process that can help you make better decisions by turning vague goals into concrete strategies, giving a map for action. Having a financial plan - and sticking with it - gives you a real edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Homewood, Illinois
Often folks say that they're saving for retirement or saving for their children's education. They seem like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and by when? If you're not sure whether 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 children or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Homewood, Illinois
The majority of people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated choices and prudently use the restricted resources for reaching 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 can help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your needs and that you're doing something beneficial 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 fiscally.
Missing the big picture is an issue seen too frequently with clients. If you are 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, depending on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are concerned about 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 waiting for you.
Impact of Financial Planning - Homewood, Illinois
The impact of sound financial planning on overall 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 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 start to gain traction all round, and you'll see your ability to understand your financial targets really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more details, please feel free to contact us at any time and we'll be happy to help you!
