Financial Planning Company – Medinah
The most prevalent misunderstanding regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make wise investment decisions, but there's a lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic process that can help you make smarter decisions by turning vague goals into concrete plans, giving a road map for action. Having a financial plan - and sticking with it - gives 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 - Medinah
Frequently people say that they are saving for retirement or saving for their child's education. They seem like precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much do you need to save and also by when? If you aren't sure whether you'll 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 gives you peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Medinah
Most 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 informed options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the secure feeling 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 diligently - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you are focused 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 as opposed to knowing that different types of investments are subject to differing tax rates could 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. Bear in mind, it isn't about the returns an investment produces; it's about the net income that comes in your hands. Many 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 money you'll have because of the tax liability that is waiting for you.
Impact of Financial Planning - Medinah
The influence of sound financial planning on overall 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 heart, each one of the various elements of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction all round, and you will see your ability to realize your financial targets really begin to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we will be glad to help you!
