Financial Planning – South Holland, Illinois

The most prevalent misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make smart investment choices, but there is much more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, offering a guide for action. Having a financial plan - and sticking to it - provides you with a true edge with regards to planning your retirement as well as other long-term financial and life goals.

Financial Planning For the Future - South Holland, Illinois

Often individuals say that they are saving for retirement or saving for their children's education. They sound like distinct goals, but they're really quite vague. Financial planning can find the key numbers - How much must you save and also by when? If you aren't sure whether you will 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 gives you peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.

Certified Financial Planner - South Holland, 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 educated decisions 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 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 will have the reassurance of knowing that an expert has reviewed your needs and that you're doing something beneficial for your financial predicament. Financial planning provides a road map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.

Missing the big picture is an issue seen too frequently with clients. If you are focused on the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation 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 could be harmful for your financial wellness. A Certified Financial Planner will make you realize that the kind of investment you choose affects the after-tax return. Don't forget, it isn't about the returns an investment creates; it comes down to the net income that comes in your hand. Lots of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is waiting for you.

Influence of Financial Planning - South Holland, Illinois

The impact of sound financial planning on overall 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 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 will begin to gain traction all round, 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 money. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.

Financial Planning can be a life process. Essentially, you should meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.

For more info, please do not hesitate to contact us at any time and we'll be happy to help you!