Financial Planning Services – Oak Park, IL
The most common misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment choices, but there's a whole lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, providing a map for action. Having a financial plan - and sticking with it - gives you a real edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Oak Park, IL
Frequently folks say that they're saving for retirement or saving for their child's education. They seem like precise goals, however they are really quite vague. Financial planning can discover the important 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 stress and anxiety. But when you know what you have to 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 kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - Oak Park, 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 informed decisions and prudently use the restricted resources for reaching 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 will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your circumstances and that you're doing something positive for your financial predicament. Financial planning provides a road 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 often with clients. If you are focused on the near-term rather than on much wider long-term implications, then you may wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment generates; 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 is pre-tax returns you're concerned about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Oak Park, IL
The impact of sound financial planning on overall financial well-being is multifold and multidimensional. In fact 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 dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will begin to gain traction overall, and you will see your ability to realize your financial goals really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
For more details, please do not hesitate to contact us at any time and we will be happy to help you!
