Financial Planning – Springfield, IL
The most common misunderstanding about financial planning is that it is all about investing. Of course 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 method of creating strategies to help you manage your financial affairs effectively and meet financial targets. It's a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, giving a guide for action. Having a financial plan - and sticking to it - gives you a true advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Springfield, IL
Often individuals say that they are saving for retirement or saving for their child's education. 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 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 offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Springfield, IL
Most people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable 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 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'll have the reassurance of knowing that a specialist has reviewed your situation and that you are doing something beneficial for your financial situation. Financial planning supplies 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're focused on the near-term rather than on much wider long-term implications, then you could end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you understand that the kind of investment you choose impacts the after-tax return. Keep in mind, it isn't about the returns an investment produces; it comes down to the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're concerned about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Springfield, IL
The influence 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 of the various aspects of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you'll start to gain traction all round, and you'll see your ability to understand your financial targets really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who've mapped out a financial path appreciate greater well-being, fret less, sleep better and have strong relationships.
Financial Planning can be a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more details, please do not hesitate to contact us at any time and we will be happy to help you!
