Financial Planning Services – Itasca
The most prevalent misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make wise investment decisions, but there is a whole 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 targets. It's a holistic process that can help you make smarter decisions by turning vague targets into concrete strategies, supplying a guide for action. Having a financial plan - and sticking with it - gives you a real edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Itasca
Often people say that they are saving for retirement or saving for their little one's education. They sound like precise goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you aren't sure whether or not you'll 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 provides peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Itasca
Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your needs and that you're doing something positive for your financial predicament. Financial planning provides a road map with an action plan that - if followed faithfully - 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 centered on the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are subject to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose has an effect on the after-tax return. Remember, it isn't about the returns an investment creates; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're worried about and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that is waiting for you.
Impact of Financial Planning - Itasca
The impact of sound financial planning on overall 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 different aspects of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes on the wheel. Once you start to make progress along each one of those spokes, you'll begin to gain traction overall, and you'll see your ability to understand 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 also families who have planned out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as soon as possible in your lifetime and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more information, please feel free to contact us at any time and we'll be glad to help you!
