Financial Planning Company – Lake Forest, IL
The most common misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make sensible investment decisions, but there's a whole lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, providing a road map for action. Having a financial plan - and sticking to it - gives you a true advantage with regards to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Lake Forest, IL
Frequently people say that they're saving for retirement or saving for their little one's education. They sound like distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you are not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But once 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 kids or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planners - Lake Forest, IL
The majority of people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable choices and prudently use the restricted resources for attaining 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 goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning offers a road map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you may wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that different types 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. Remember, it's not about the returns an investment generates; it's about the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is 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'll have because of the tax liability that's waiting for you.
Impact of Financial Planning - Lake Forest, IL
The impact 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 center, each of the different aspects of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes to the wheel. Once you start 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 goals really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is really a life process. Ideally, you need to meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more info, please feel free to contact us at any time and we will be happy to help you!
