Financial Planning Company – Mchenry Cary, Illinois

The most typical misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there's a whole lot more to it. Financial Planning is the method of developing strategies to help you take care of your financial affairs effectively and meet financial targets. It is a holistic process that helps you make better decisions by turning vague goals into concrete strategies, supplying a road map for action. Having a financial plan - and sticking to it - will give you a real advantage when it comes to planning your retirement and other long-term financial and life goals.

Retirement Planning/Children's Education Funds - Mchenry Cary, Illinois

Often folks say that they are saving for retirement or saving for their children's education. They seem like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you're not sure whether you'll have enough to live on post-retirement, it can create 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. 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 decisions.

Certified Financial Planners - Mchenry Cary, Illinois

Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable choices and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a specialist 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 implemented faithfully - will take you where you want to go in financial terms.

Missing the big picture is a problem seen all too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making instead of knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Bear in mind, it's not about the returns an investment creates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the potential 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 will have because of the tax liability that is waiting for you.

Influence of Financial Planning - Mchenry Cary, Illinois

The impact of sound financial planning on over-all 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 one of the different aspects of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction overall, and you will see your ability to recognize your financial targets really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've planned out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.

Financial Planning is a life process. Ideally, you should meet a financial planner as soon as possible in your lifetime and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.

For more info, please feel free to contact us at any time and we'll be happy to help you!