Financial Planning Services – Mchenry Fox River Grove
The most typical misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as one should make wise investment decisions, 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 effectively and meet financial goals. It is a holistic process that can help you make better decisions by turning vague targets into concrete strategies, providing a map for action. Having a financial plan - and sticking to it - gives you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Mchenry Fox River Grove
Frequently people say that they are saving for retirement or saving for their child's schooling. They sound like distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you aren't sure whether you will 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 offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Mchenry Fox River Grove
Most people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options 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 goals, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning offers a road map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem 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 instance, counting on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates might be harmful for your financial health. A Certified Financial Planner can make you understand that the type of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment produces; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned with and you do not 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 - Mchenry Fox River Grove
The influence 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 heart, each one of the various 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 forth - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction overall, and you'll see your ability to understand 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 mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is a life process. Preferably, you should meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet regularly 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 glad to help you!
