Financial Planning Company – Maywood, Illinois

The most popular misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there's a lot more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic method that helps you make smarter decisions by turning vague targets into concrete plans, giving a map for action. Having a financial plan - and sticking with it - will give you a real edge when it comes to planning your retirement as well as other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Maywood, Illinois

Often individuals say that they are saving for retirement or saving for their little one's education. They could be seen as specific 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're not sure whether 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 provides peace of mind and self-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 - Maywood, Illinois

Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions 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 targets, 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 situation and that you are doing something positive for your financial predicament. Financial planning offers a road map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.

Missing the big picture is a problem seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates might be harmful for your financial wellness. 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 creates; it comes down to the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're concerned about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that is awaiting you.

Influence of Financial Planning - Maywood, Illinois

The influence of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different components of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream 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 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 families who've mapped out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.

Financial Planning is 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 on a regular basis to review the Financial Plan to make sure you are on track.

For more information, please don't hesitate to contact us at any time and we will be happy to help you!