Financial Planning Services – West Chicago, IL
The most prevalent misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make sensible investment choices, but there is a whole lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic method that helps you make better decisions by turning vague goals into concrete strategies, providing a guide for action. Having a financial plan - and sticking with it - provides you with a true edge when it comes to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - West Chicago, IL
Frequently people say that they're saving for retirement or saving for their little one's education. They sound like distinct goals, however they are really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you aren't 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 have to do and that you are following the financial plan, it provides peace of mind and self-assurance. Whenever your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planner - West Chicago, IL
Many people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter'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 peace of mind of knowing that a professional has reviewed your needs and that you are doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you could wind up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making instead of understanding 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 impacts the after-tax return. Remember, it's not about the returns an investment generates; it's about the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's awaiting you.
Influence of Financial Planning - West Chicago, IL
The influence of sound financial planning on overall financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you are going to start to gain traction all round, and you'll see your ability to understand your financial goals really begin to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who've planned out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning is really a life process. Ideally, you need to meet a financial planner as soon as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
For more information, please don't hesitate to contact us at any time and we'll be happy to help you!
