Financial Planning – Lincolnwood
The most popular misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make intelligent investment decisions, but there is much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic process that can help you make better decisions by turning vague goals into concrete strategies, offering a map for action. Having a financial plan - and sticking to it - provides you with a true edge with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Lincolnwood
Frequently individuals say that they're saving for retirement or saving for their child'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 aren't sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it gives you peace of mind and self-assurance. Whenever 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 - Lincolnwood
Most people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed decisions and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert 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 diligently - will take you where you want to go financially.
Missing the big picture is an issue seen all too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Bear in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned about 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 that is waiting for you.
Influence of Financial Planning - Lincolnwood
The influence 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 one of the various aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you are going to begin to gain traction all round, and you will see your ability to recognize your financial targets really start to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning can be a life process. Essentially, you need to meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more information, please do not hesitate to contact us at any time and we will be glad to help you!
