Financial Planning Services – Oak Lawn, Illinois
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 wise investment decisions, but there's a lot 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 can help 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 - will give you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Oak Lawn, Illinois
Often individuals say that they are saving for retirement or saving for their child's schooling. They could be seen as precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much do you need to save and by when? If you are not 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 offers peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Oak Lawn, Illinois
Most people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed choices 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 every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning supplies 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 all too often with clients. If you are centered on the near-term rather than on broader long-term implications, then you may wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of knowing that different types of investments are subject to differing tax rates might be damaging for your financial health. A Certified Financial Planner can make you understand that the type of investment you choose affects 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. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's awaiting you.
Impact of Financial Planning - Oak Lawn, Illinois
The influence of sound financial planning on over-all 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 different elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will start to gain traction all round, and you'll see your ability to recognize your financial targets really begin to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've mapped out a financial path appreciate greater well-being, worry less, sleep better and have strong relationships.
Financial Planning can be a life process. Essentially, you should meet a financial planner as soon as possible in your lifetime and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more details, please feel free to contact us at any time and we will be glad to help you!
