Financial Planning – Lansing
The most typical misconception about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make intelligent investment decisions, but there's a whole lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic method that helps you make smarter decisions by turning vague goals into concrete strategies, supplying a map for action. Having a financial plan - and sticking with it - provides you with a true advantage when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lansing
Frequently folks say that they are 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 find the important numbers - How much must you save and by when? If you aren't sure whether you will 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 gives you peace of mind and assurance. When 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 decisions.
Certified Financial Planner - Lansing
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 educated 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 goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning provides 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 a problem seen too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making instead of understanding that various kinds of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you realize that the kind of investment you choose impacts 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 is pre-tax returns you are 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 which is waiting for you.
Impact of Financial Planning - Lansing
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 components of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction overall, and you will see your ability to realize your financial goals really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep 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 life and establish a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.
For more information, please feel free to contact us at any time and we will be happy to help you!
