Financial Planning Company – Lombard, IL
The most typical misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make wise investment decisions, but there's a lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic method that can help you make smarter decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - will give you a true advantage with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lombard, IL
Frequently individuals say that they are saving for retirement or saving for their little one's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much should you save and by when? If you are 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 house, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Lombard, IL
Most people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your situation and that you are doing something positive for your financial situation. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go fiscally.
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 could end up impairing the accumulation 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 damaging for your financial well-being. A Certified Financial Planner will make you understand that the kind of investment you choose has an effect on the after-tax return. Bear in mind, it isn't about the returns an investment generates; 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 worried 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 awaiting you.
Influence of Financial Planning - Lombard, IL
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 middle, each of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes to the wheel. Once you start to make progress along each one of those spokes, you'll begin to gain traction all round, and you will see your ability to understand your financial goals really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned 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 need to meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more details, please do not hesitate to contact us at any time and we will be glad to help you!
