Financial Planning Services – Naperville, IL
The most typical misconception 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 is a whole lot more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs efficiently and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague objectives into concrete plans, giving a map for action. Having a financial plan - and sticking with it - provides you with a real edge with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Naperville, IL
Often folks say that they are saving for retirement or saving for their child's education. They seem like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and by when? If you're not sure whether 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 provides peace of mind and assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Naperville, IL
Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions 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 secure feeling of knowing that an expert has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning offers a road map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner will 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's about the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned with 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.
Influence of Financial Planning - Naperville, IL
The impact 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 heart, each one of the various aspects of your financial life - like purchasing a house, 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 will begin to gain traction all round, and you'll see your ability to understand your financial targets really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Essentially, you need to meet a financial planner as early 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 feel free to contact us at any time and we will be glad to help you!
