Financial Planning Services – Oak Lawn, Illinois
The most prevalent misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make wise investment choices, but there's much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic process that helps you make better decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking with it - gives you a true advantage with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Oak Lawn, Illinois
Frequently individuals say that they are saving for retirement or saving for their child's schooling. They could be seen as distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you're not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when 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 children or caring for aging mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planner - Oak Lawn, Illinois
The majority of 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 educated decisions 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 goals, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that a specialist has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning offers a 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 all too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you may 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 damaging for your financial health. 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 isn't about the returns an investment produces; it's about the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you are concerned with 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 that's waiting for 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. In fact if you think of your financial life as a flywheel, with financial planning as the center, each one of the different components of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction all round, and you will see your ability to recognize your financial goals really start to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who've planned out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is a life process. Essentially, you should meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more info, please do not hesitate to contact us at any time and we will be happy to help you!
