Financial Planning Company – Medinah
The most popular misunderstanding about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make intelligent investment choices, but there is so much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic process that can help you make better decisions by turning vague targets into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - gives you a true edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Medinah
Frequently folks say that they are saving for retirement or saving for their child's schooling. They seem like precise 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 or not you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it offers peace of mind and confidence. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed choices.
Certified Financial Planner - Medinah
Most people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed 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 every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your situation and that you are doing something beneficial for your financial situation. Financial planning supplies a road map with an action plan that - if implemented diligently - 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 centered on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation 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 could be harmful for your financial health. A Certified Financial Planner can make you realize that the kind of investment you choose has an effect on the after-tax return. Bear in mind, it isn't about the returns an investment produces; it comes down to the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're worried about 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 which is awaiting you.
Influence of Financial Planning - Medinah
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 middle, each of the various elements of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes on the wheel. Once you start to make progress along each one of those spokes, you'll start to gain traction all round, and you'll see your ability to realize your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet on a regular basis 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 happy to help you!