Financial Planning Services – Stone Park, IL
The most typical 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 intelligent investment choices, but there is so much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic method that helps you make better decisions by turning vague targets into concrete plans, offering a map for action. Having a financial plan - and sticking to it - provides you with a real edge when it comes to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Stone Park, IL
Often folks say that they are saving for retirement or saving for their children's schooling. They seem like distinct goals, but they're really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and assurance. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - Stone Park, IL
Many 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 attaining 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'll have the peace of mind of knowing that an expert has reviewed your needs and that you're 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 fiscally.
Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on broader long-term implications, then you could wind up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner will make you realize that the kind of investment you choose has an effect on the after-tax return. Don't forget, it's not about the returns an investment produces; it's about the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're 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's waiting for you.
Influence of Financial Planning - Stone Park, IL
The impact 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 heart, each of the different components of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you are going to start to gain traction overall, and you'll see your ability to understand your financial targets really start to take off. Additionally, 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, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more info, please don't hesitate to contact us at any time and we will be glad to help you!
