Financial Planning – Markham, IL
The most common misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make intelligent 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 method that can help you make better decisions by turning vague goals into concrete plans, offering a road map for action. Having a financial plan - and sticking with it - will give you a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Markham, IL
Often folks say that they are saving for retirement or saving for their little one's schooling. They seem like precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you are not sure whether or not you will have enough to live on post-retirement, it can create anxiety. But when you know what you have to do and that you are following the financial plan, it gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planner - Markham, IL
The majority of 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 knowledgeable 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 goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your needs and that you are doing something positive for your financial situation. Financial planning offers a road map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen too frequently with clients. If you are 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 instead of understanding that different types of investments are susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Remember, it isn't about the returns an investment generates; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're concerned with and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that is awaiting you.
Impact of Financial Planning - Markham, IL
The impact of sound financial planning on over-all 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 one of the different aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you'll begin to gain traction overall, and you will see your ability to recognize your financial goals really start to take off. Further, we all know 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 better and have strong relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet on a regular basis 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'll be happy to help you!
