Financial Planning – Minooka, Illinois
The most common misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make sensible investment decisions, but there is a lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic process that helps you make better decisions by turning vague objectives into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - gives you a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Financial Planning For the Future - Minooka, Illinois
Often folks say that they are saving for retirement or saving for their children's schooling. They seem like specific goals, but they're 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 or not you will have enough to live on post-retirement, it can create anxiety. But when you know what you have to do and that you are following the financial plan, it offers peace of mind and assurance. 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 decisions.
Certified Financial Planners - Minooka, Illinois
Most people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices and prudently use the limited resources for reaching 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 objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it's not about the returns an investment produces; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that is awaiting you.
Impact of Financial Planning - Minooka, Illinois
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each of the different components of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction overall, and you'll see your ability to recognize your financial targets really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path appreciate 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 lifetime and begin a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!