Financial Planning – Robbins, IL
The most common misunderstanding regarding 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 a whole lot more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic method that helps you make better decisions by turning vague objectives into concrete strategies, giving a map for action. Having a financial plan - and sticking to it - provides you with a real advantage when it comes to planning your retirement as well as other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Robbins, IL
Often folks say that they are saving for retirement or saving for their child's schooling. They could be seen as specific goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you're not sure whether you'll 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 provides peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Robbins, IL
The majority of people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning provides a map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you may wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Remember, it's not about the returns an investment produces; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned about and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that is awaiting you.
Impact of Financial Planning - Robbins, IL
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each one of the various elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction overall, and you will see your ability to realize your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is really a life process. Preferably, you need to meet a financial planner as soon as possible in your lifetime and begin a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more information, please do not hesitate to contact us at any time and we will be glad to help you!
