Financial Planning – Morton Grove, IL
The most common misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there's 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 targets. It is a holistic method that helps you make better decisions by turning vague objectives into concrete strategies, providing a guide for action. Having a financial plan - and sticking to it - provides you with a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Morton Grove, IL
Often individuals say that they are saving for retirement or saving for their children's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and also by when? If you aren't sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it gives you 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 parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Morton Grove, IL
Most people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated options and prudently use the restricted resources for reaching 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 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 are doing something beneficial for your financial predicament. Financial planning provides 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 an issue seen all too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you may wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment produces; it's about the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's waiting for you.
Impact of Financial Planning - Morton Grove, IL
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each one of the various components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start 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 sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be 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 regularly to review the Financial Plan to make sure you are on track.
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