Financial Planning Services – Lombard, IL
The most common misunderstanding about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make intelligent investment decisions, but there's a whole lot more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make better decisions by turning vague goals into concrete strategies, supplying a guide for action. Having a financial plan - and sticking with it - gives you 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 - Lombard, IL
Frequently folks say that they're saving for retirement or saving for their children's schooling. They sound like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much should you save and also by when? If you're not sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But once 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 home, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planners - Lombard, IL
Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer 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 son or daughter's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning supplies a map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen 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 example, counting on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is awaiting you.
Impact of Financial Planning - Lombard, IL
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each of the different aspects of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your ideal car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction overall, 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 have mapped out a financial path enjoy greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more information, please feel free to contact us at any time and we will be glad to help you!
