Financial Planning – Park Ridge, Illinois

The most common misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make sensible investment decisions, but there's a lot more to it. Financial Planning is the process of creating strategies to help you control your financial affairs efficiently and meet financial targets. It is a holistic process that can help you make smarter decisions by turning vague goals into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - provides you with a true advantage with regards to planning your retirement and also other long-term financial and life goals.

Financial Planning For the Future - Park Ridge, Illinois

Often individuals say that they are saving for retirement or saving for their little one's schooling. They sound like distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and by when? If you are not 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 should do and that you are following the financial plan, it provides peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning will help you make better-informed decisions.

Certified Financial Planners - Park Ridge, Illinois

Many people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated choices and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each and every year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a professional has reviewed your needs and that you're doing something positive for your financial predicament. Financial planning supplies a map with an action plan that - if followed diligently - will take you where you want to go financially.

Missing the big picture is an issue seen too frequently 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 instance, depending on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can 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 creates; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the future nest eggs. It is pre-tax returns you're 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 which is waiting for you.

Impact of Financial Planning - Park Ridge, Illinois

The impact of sound financial planning on overall 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 heart, each one of the different elements of your financial life - like purchasing a house, saving for retirement, planning for your 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 are going to start to gain traction overall, and you'll see your ability to realize your financial targets really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who've planned out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.

Financial Planning is really a life process. Essentially, you need to meet a financial planner as soon as possible in your lifetime 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 info, please don't hesitate to contact us at any time and we'll be happy to help you!