Financial Planning Company – Markham, IL
The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make sensible investment decisions, but there's much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, providing a guide for action. Having a financial plan - and sticking with it - will give you a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Markham, IL
Frequently folks say that they are saving for retirement or saving for their little one's education. They seem like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you're not sure whether or not you will 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 mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Markham, 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 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 can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning provides a road 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 a problem seen too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates might be damaging for your financial health. A Certified Financial Planner can make you realize that the type of investment you choose affects the after-tax return. Keep in mind, it's not about the returns an investment generates; it's about the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the foreseeable 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 will have because of the tax liability that's awaiting you.
Impact of Financial Planning - Markham, IL
The influence of sound financial planning on overall financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each one of the different components 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 on the wheel. Once you begin to make progress along every one of those spokes, you'll start 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 causes of stress and conflict in relationships is cash. Individuals and also families who have mapped out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more details, please do not hesitate to contact us at any time and we'll be glad to help you!
