Financial Planning Company – Maywood
The most typical misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment choices, but there is a whole lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic method that can help you make better decisions by turning vague objectives into concrete plans, providing a map for action. Having a financial plan - and sticking with it - gives you a true edge with regards to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Maywood
Frequently folks say that they are saving for retirement or saving for their children's education. They seem like specific goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you are not sure whether or not you'll 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 gives you 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 can help you make better-informed choices.
Certified Financial Planner - Maywood
Most people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options and prudently use the restricted resources for attaining 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 each year to achieve these objectives, a Certified Financial Planner can help you select 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 beneficial 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 in financial terms.
Missing the big picture is an issue seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you understand that the kind of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are worried about 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 - Maywood
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 elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you are going to begin to gain traction all round, and you will see your ability to realize your financial goals really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more info, please don't hesitate to contact us at any time and we'll be happy to help you!
