Financial Planning Company – Lemont, IL
The most prevalent misunderstanding regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make smart 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 efficiently and meet financial targets. It is a holistic method that can help you make smarter decisions by turning vague goals into concrete plans, supplying a map for action. Having a financial plan - and sticking to it - provides you with a real edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lemont, IL
Frequently individuals say that they are saving for retirement or saving for their little one's schooling. They sound like precise goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and also by when? If you are not sure whether you'll 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 gives you peace of mind and assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Lemont, IL
Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed decisions and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your needs and that you are doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if implemented faithfully - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you are centered on the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the 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 will have because of the tax liability that is awaiting you.
Impact of Financial Planning - Lemont, IL
The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the various aspects of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you will begin to gain traction all round, and you'll see your ability to recognize your financial targets really start 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 have mapped out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as early as possible in your life 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'll be happy to help you!
