Financial Planning Company – Joliet, Illinois

The most popular misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make sensible investment choices, but there is much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic method that helps you make better decisions by turning vague goals into concrete plans, giving a map for action. Having a financial plan - and sticking to it - gives you a true advantage with regards to planning your retirement and also other long-term financial and life goals.

Retirement Planning and Funding Your Child's Education - Joliet, Illinois

Often folks say that they are saving for retirement or saving for their little one's education. They seem like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and 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 when you know what you have to do and that you are following the financial plan, it offers peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed choices.

Certified Financial Planners - Joliet, Illinois

Many people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options 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 each and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your situation and that you're doing something positive for your financial situation. Financial planning supplies 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 all too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are subject to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment produces; it's about the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the potential 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 will have because of the tax liability that is awaiting you.

Impact of Financial Planning - Joliet, Illinois

The influence 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 heart, each of the various components of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes on the wheel. Once you start to make progress along every one of those spokes, you'll start to gain traction overall, and you will see your ability to recognize 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 also families who've mapped out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.

Financial Planning is a life process. Essentially, you need to meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.

For more information, please don't hesitate to contact us at any time and we'll be happy to help you!