Financial Planning Services – Palos Heights, IL
The most popular misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make intelligent investment decisions, but there is a lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic process that helps you make smarter decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking with it - provides you with a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Palos Heights, IL
Often 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 find the important numbers - How much do you need to save and also by when? If you are not sure whether or not you will have enough to live on post-retirement, it can create anxiety. But when you know what you have to do and that you are following the financial plan, it gives you peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - Palos Heights, IL
Most people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable 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 every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For instance, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose impacts the after-tax return. Bear in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that is awaiting you.
Impact of Financial Planning - Palos Heights, IL
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each of the different components of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management and so on - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction all round, and you'll see your ability to understand your financial targets really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.
For more details, please don't hesitate to contact us at any time and we'll be happy to help you!
