Financial Planning Services – Wauconda
The most typical misunderstanding regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make smart investment choices, but there's much more to it. Financial Planning is the method of creating strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic method that can help you make better decisions by turning vague goals into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - will give you a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Wauconda
Often folks say that they are saving for retirement or saving for their children's schooling. They sound like precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much should you save and by when? If you are not 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 provides 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 mothers and fathers, financial planning can help you make better-informed choices.
Certified Financial Planners - Wauconda
The majority of people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed choices 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 goals, but you only have Rs. 1,000 extra each year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning offers 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 frequently with clients. If you are devoted to the near-term rather than on broader long-term implications, then you might end up impairing the accumulation of wealth. For instance, depending 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 type of investment you choose affects the after-tax return. Keep in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hands. Lots of you fail to realize the delayed tax implications on the future nest eggs. It's 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'll have because of the tax liability which is awaiting you.
Impact of Financial Planning - Wauconda
The influence of sound financial planning on over-all 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 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 etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction overall, and you'll see your ability to realize 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've planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more info, please feel free to contact us at any time and we'll be happy to help you!
