Financial Planning – Park Ridge, IL
The most typical misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make sensible investment decisions, but there is so much more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs effectively and meet financial targets. It is a holistic method that can help you make better decisions by turning vague targets into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - will give you a true 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 - Park Ridge, IL
Often people say that they're saving for retirement or saving for their child's education. They sound like precise goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should 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 children or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Park Ridge, IL
Most people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed options and prudently use the limited 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 year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if implemented diligently - 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 focused on the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For example, counting on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose impacts 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 hands. Lots of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're concerned with 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's waiting for you.
Influence of Financial Planning - Park Ridge, IL
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each of the different aspects of your financial life - like purchasing a house, 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 are going to begin to gain traction overall, and you will see your ability to recognize your financial targets really start to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as soon as possible in your lifetime and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more info, please do not hesitate to contact us at any time and we'll be happy to help you!
