Financial Planning – Homewood, IL
The most common misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make wise investment choices, but there is much 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 is a holistic method that helps you make better decisions by turning vague objectives into concrete plans, giving a 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.
Financial Planning For the Future - Homewood, IL
Often people say that they are saving for retirement or saving for their little one's education. They could be seen as 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 are 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 confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Homewood, IL
Many people do not have limitless 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 restricted 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 every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial situation. Financial planning offers a map with an action plan that - if implemented diligently - will take you where you want to go financially.
Missing the big picture is an issue 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 build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner can make you realize that the type of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment creates; it's about the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are concerned about 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 that's waiting for you.
Influence of Financial Planning - Homewood, IL
The influence of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different aspects of your financial life - like purchasing a house, saving for retirement, planning for 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'll start to gain traction all round, and you will see your ability to realize your financial goals really begin to take off. Further, everyone knows that one of the greatest sources 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 better and have strong relationships.
Financial Planning is really a life process. Essentially, you should meet a financial planner as early 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're on track.
For more info, please feel free to contact us at any time and we'll be glad to help you!
