Financial Planning Services – Palos Hills
The most prevalent misconception regarding 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 so much more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic method that helps you make better decisions by turning vague objectives into concrete strategies, giving a road map for action. Having a financial plan - and sticking to it - gives you a real edge when it comes to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Palos Hills
Often folks say that they're saving for retirement or saving for their little one's schooling. They could be seen as specific goals, but they're really quite vague. Financial planning can discover the important numbers - How much do you need to save and also by when? If you aren't sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you have to do and that you are following the financial plan, it provides peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Palos Hills
Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options 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 year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your situation and that you are doing something positive for your financial situation. Financial planning provides a road map with an action plan that - if implemented diligently - 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 may end up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are susceptible to differing tax rates could be harmful for your financial health. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment generates; it comes down to the net income that comes in your hands. Many 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 cash you will have because of the tax liability which is waiting for you.
Impact of Financial Planning - Palos Hills
The influence 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 center, each one of the various elements of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your ideal car, debt management and so forth - are spokes to the wheel. Once you start to make progress along every one of those spokes, you are going to start to gain traction overall, and you will see your ability to recognize your financial goals really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we'll be happy to help you!
