Financial Planning – Oak Brook
The most common misconception about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make sensible investment choices, but there is so much more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic process that can help you make better decisions by turning vague targets into concrete plans, providing a guide for action. Having a financial plan - and sticking with it - will give you a real edge when it comes to planning your retirement along with other long-term financial and life goals.
Financial Planning For the Future - Oak Brook
Frequently people say that they are saving for retirement or saving for their child's education. They seem like precise goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and by when? If you are not sure whether you will 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 offers peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Oak Brook
Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed options and prudently use the restricted resources for attaining 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 targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your circumstances and that you're doing something beneficial for your financial predicament. Financial planning offers a road map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is a problem seen too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you could end up impairing the accumulation of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Remember, it's not about the returns an investment produces; it comes down to the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the potential 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 cash you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Oak Brook
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 middle, each one of the various elements of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction overall, and you will see your ability to understand your financial targets really start to take off. Additionally, everyone knows 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 enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more information, please do not hesitate to contact us at any time and we will be glad to help you!
