Financial Planning Services – Lyons, Illinois
The most prevalent misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make wise investment choices, but there is so much more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make better decisions by turning vague objectives into concrete plans, supplying a road map for action. Having a financial plan - and sticking with it - provides you with a real advantage with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Lyons, Illinois
Often individuals say that they're saving for retirement or saving for their little one's education. They sound like precise goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you aren't sure whether or not you will 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 provides peace of mind and confidence. When 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 - Lyons, Illinois
Most people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer 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 every year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning provides 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 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 may end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing 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. Don't forget, it's not about the returns an investment generates; it comes down to 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're worried 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 which is awaiting you.
Impact of Financial Planning - Lyons, Illinois
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 various elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction all round, and you'll see your ability to understand your financial goals really begin to take off. Additionally, everyone knows that one of the greatest sources 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 strong relationships.
Financial Planning is a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more details, please feel free to contact us at any time and we'll be glad to help you!
