Financial Planning – Mchenry Fox River Grove, Illinois
The most popular misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make intelligent investment decisions, but there is a lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make better decisions by turning vague targets into concrete plans, giving a road map for action. Having a financial plan - and sticking with it - will give you a real edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Mchenry Fox River Grove, Illinois
Frequently individuals say that they are saving for retirement or saving for their little one's education. They sound like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you are not sure whether you will have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it gives you peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planners - Mchenry Fox River Grove, Illinois
Most people don't have limitless resources. In such a situation, 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 peace of mind of knowing that an expert has reviewed your needs and that you are doing something positive for your financial situation. Financial planning supplies 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 may end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible 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. Don't forget, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned 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 that's awaiting you.
Influence of Financial Planning - Mchenry Fox River Grove, Illinois
The influence of sound financial planning on over-all 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 of the various elements of your financial life - like buying a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so forth - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you'll start to gain traction all round, 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've mapped out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
