Financial Planning – River Forest, Illinois

The most prevalent misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make intelligent investment decisions, but there is a whole lot more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, providing a map for action. Having a financial plan - and sticking to it - provides you with a true advantage when it comes to planning your retirement as well as other long-term financial and life goals.

Retirement Planning/Children's Education Funds - River Forest, Illinois

Often folks say that they're saving for retirement or saving for their little one's education. They sound like distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you are not sure whether or not you'll 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 gives you peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning will help you make better-informed decisions.

Certified Financial Planners - River Forest, Illinois

Many 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 knowledgeable options and prudently use the limited resources for attaining 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 targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that an expert has reviewed your circumstances and that you are doing something positive for your financial situation. Financial planning offers a road map with an action plan that - if followed faithfully - will take you where you want to go fiscally.

Missing the big picture is an issue seen all 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 rather than knowing that different types of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment produces; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are 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 awaiting you.

Impact of Financial Planning - River Forest, Illinois

The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each one of the various components of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you start to make progress along every one of those spokes, you will start to gain traction overall, and you'll see your ability to understand your financial goals really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've planned out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.

Financial Planning is a life process. Essentially, you need to meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you are on track.

For more information, please don't hesitate to contact us at any time and we'll be glad to help you!