Financial Planning Services – Niles, 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 smart investment decisions, but there is much more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic process that can help you make better decisions by turning vague goals into concrete plans, providing a guide for action. Having a financial plan - and sticking to it - gives you a real advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Niles, IL
Frequently people say that they are saving for retirement or saving for their children's education. They could be seen as 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 aren't sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it provides peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Niles, IL
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed decisions 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 goals, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a professional has reviewed your needs and that you're doing something positive for your financial situation. Financial planning provides a map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment generates; it's about the net income that comes in your hands. Many of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that's waiting for you.
Influence of Financial Planning - Niles, IL
The impact of sound financial planning on overall financial well-being is multifold and also 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 buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so forth - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to recognize your financial goals really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you need to meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more information, please don't hesitate to contact us at any time and we'll be happy to help you!
