Financial Planning Company – Robbins
The most typical misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make smart investment decisions, 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 can help you make smarter decisions by turning vague objectives into concrete plans, giving a map for action. Having a financial plan - and sticking with it - provides you with a real edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Robbins
Frequently individuals say that they're saving for retirement or saving for their children's education. They seem 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 you will have enough to live on post-retirement, it can create 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 self-assurance. 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 Planner - Robbins
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions and prudently use the limited 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 and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning offers a road 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 an issue seen too often with clients. If you are centered on the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Remember, it isn't about the returns an investment creates; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're concerned with and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is awaiting you.
Influence of Financial Planning - Robbins
The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each one of the various elements of your financial life - like buying a house, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you will begin to gain traction overall, and you will see your ability to understand your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Preferably, you should 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.
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