Financial Planning Company – Streamwood, Illinois

The most prevalent misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make sensible investment decisions, but there is 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 is a holistic method that can help you make better decisions by turning vague targets into concrete strategies, giving a road map for action. Having a financial plan - and sticking to it - provides you with a true edge when it comes to planning your retirement as well as other long-term financial and life goals.

Retirement Planning/Children's Education Funds - Streamwood, Illinois

Often individuals say that they are saving for retirement or saving for their children's education. They could be seen as distinct goals, but they're really quite vague. Financial planning can discover the key numbers - How much should you save and also by when? If you are not sure whether or not you will 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 self-assurance. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.

Certified Financial Planner - Streamwood, Illinois

Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options and prudently use the restricted resources for attaining 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 every year to achieve these targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your situation and that you are doing something beneficial for your financial situation. Financial planning offers a road map with an action plan that - if followed diligently - will take you where you want to go financially.

Missing the big picture is a problem seen too frequently with clients. If you are focused on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For instance, counting on pre-tax returns for financial decision-making as opposed to knowing that various kinds 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 type of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment generates; it's about the net income that comes in your hands. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned about and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability that's waiting for you.

Impact of Financial Planning - Streamwood, Illinois

The influence 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 center, each one of the different components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to recognize your financial targets really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.

Financial Planning is really a life process. Essentially, you need to meet a financial planner as early as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.

For more info, please don't hesitate to contact us at any time and we will be glad to help you!