Financial Planning – South Elgin, 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 one should make wise investment decisions, but there is so much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, offering a road map for action. Having a financial plan - and sticking to it - provides you with a real edge with regards to planning your retirement along with other long-term financial and life goals.
Retirement Planning/Children's Education Funds - South Elgin, Illinois
Frequently individuals 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 discover the key numbers - How much must you save and by when? If you aren't sure whether you will have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it offers peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planner - South Elgin, Illinois
Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide 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 and every year to achieve these targets, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your needs and that you are doing something beneficial for your financial situation. 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 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 may end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are susceptible to differing tax rates might be harmful for your financial health. A Certified Financial Planner can make you realize that the kind of investment you choose affects the after-tax return. Remember, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are 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.
Impact of Financial Planning - South Elgin, Illinois
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 middle, each one of the different elements of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you'll start to gain traction overall, and you'll see your ability to recognize your financial targets really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path enjoy greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Essentially, you should meet a financial planner as soon as possible in your life and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more details, please do not hesitate to contact us at any time and we'll be happy to help you!
