Financial Planning Services – La Grange, IL
The most popular misconception about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make smart investment decisions, but there is a lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, providing a road map for action. Having a financial plan - and sticking to it - will give you a true edge with regards to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - La Grange, IL
Often individuals say that they're saving for retirement or saving for their children's education. They could be seen as specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and also by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it provides peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - La Grange, IL
Many 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 knowledgeable options and prudently use the limited resources for reaching 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 targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your needs and that you are doing something positive for your financial situation. Financial planning supplies a road 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 too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial wellness. 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 comes down to the net income that comes in your hands. Many of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're worried 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 awaiting you.
Impact of Financial Planning - La Grange, IL
The impact of sound financial planning on overall 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 aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - 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 goals really begin 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 appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.
For more info, please do not hesitate to contact us at any time and we'll be happy to help you!
