Financial Planning Company – Oak Brook, IL
The most popular misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment choices, but there's a whole lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic process that helps you make smarter decisions by turning vague targets into concrete plans, giving a road map for action. Having a financial plan - and sticking to it - gives you a real edge when it comes to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Oak Brook, IL
Often people say that they are saving for retirement or saving for their children's schooling. They seem like precise goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and by when? If you aren't sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it provides peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Oak Brook, IL
Many 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 knowledgeable decisions and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the reassurance of knowing that a professional has reviewed your needs and that you are doing something beneficial for your financial predicament. Financial planning supplies a road map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen 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 build up of wealth. For instance, depending on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment produces; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're 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 which is waiting for you.
Impact of Financial Planning - Oak Brook, IL
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 one of the various aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you'll start to gain traction overall, and you'll see your ability to recognize your financial goals really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as soon 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.
For more info, please don't hesitate to contact us at any time and we'll be glad to help you!
