Financial Planning Services – Itasca, IL
The most typical misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment choices, but there's much 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 helps you make better decisions by turning vague objectives into concrete plans, supplying a guide for action. Having a financial plan - and sticking to it - gives you a real edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Itasca, IL
Frequently individuals say that they are saving for retirement or saving for their children's schooling. They could be seen as specific goals, however they are really quite vague. Financial planning can discover the important numbers - How much do you need to save and also by when? If you aren't sure whether or not you will have enough to live on post-retirement, it can create anxiety. But once 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 will help you make better-informed choices.
Certified Financial Planner - Itasca, IL
The majority of people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated decisions and prudently use the limited 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 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 an expert has reviewed your circumstances and that you're doing something positive for your financial situation. Financial planning offers a map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.
Missing the big picture is a problem seen 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 instance, counting on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned about and you fail to realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability which is awaiting you.
Impact of Financial Planning - Itasca, IL
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 middle, each one of the various elements 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 begin to make progress along each one of those spokes, you are going to begin to gain traction all round, and you'll see your ability to realize your financial targets really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path enjoy greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
