Financial Planning – Lincolnwood, IL
The most prevalent misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment choices, but there's much more to it. Financial Planning is the method 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 objectives into concrete plans, giving a guide for action. Having a financial plan - and sticking with it - gives you a real 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 - Lincolnwood, IL
Often folks say that they are saving for retirement or saving for their children's education. They seem like specific goals, but they're really quite vague. Financial planning can discover the important numbers - How much must you save and 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 offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planners - Lincolnwood, IL
The majority of people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed 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 each year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial situation. Financial planning supplies a road 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 often with clients. If you're centered on the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're concerned about and you do not 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.
Influence of Financial Planning - Lincolnwood, IL
The influence 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 heart, each of the various components of your financial life - like purchasing a home, 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 every one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to understand your financial goals really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early as possible in your life and set up 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 details, please feel free to contact us at any time and we will be glad to help you!
