Financial Planning Company – La Grange Park, IL
The most popular 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 sensible investment choices, but there's so much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, supplying a road map for action. Having a financial plan - and sticking with it - provides you with a true edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - La Grange Park, 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 find the important numbers - How much should you save and by when? If you're not sure whether you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - La Grange Park, IL
Most people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed decisions and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning supplies a map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is an issue seen too often with clients. If you are devoted to the near-term rather than on broader long-term implications, then you could wind up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment creates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It's 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 will have because of the tax liability that is waiting for you.
Influence of Financial Planning - La Grange Park, IL
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually 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 buying a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you'll begin 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 causes of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more info, please do not hesitate to contact us at any time and we'll be glad to help you!
