Financial Planning – Lake Zurich, Illinois

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 intelligent investment choices, but there's so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial goals. It is a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, giving 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 and also other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Lake Zurich, Illinois

Often folks say that they're saving for retirement or saving for their little one's education. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also 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 have to do and that you are following the financial plan, it provides peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed choices.

Certified Financial Planners - Lake Zurich, Illinois

The majority of people do not have unlimited resources. In such a scenario, 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 each year to achieve these targets, a Certified Financial Planner can 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're doing something positive for your financial situation. Financial planning offers a map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.

Missing the big picture is a problem seen too frequently with clients. If you're focused on the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose has an effect on the after-tax return. Don't forget, 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's pre-tax returns you're concerned with 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 which is waiting for you.

Influence of Financial Planning - Lake Zurich, Illinois

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

Financial Planning can be a life process. Essentially, you need to meet a financial planner as soon as possible in your life 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 information, please don't hesitate to contact us at any time and we'll be glad to help you!