Financial Planning – West Chicago, IL
The most common misunderstanding regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment choices, but there's a whole lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It is a holistic process that can help you make smarter decisions by turning vague objectives into concrete plans, giving a road map for action. Having a financial plan - and sticking with it - provides you with a real edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - West Chicago, IL
Often people say that they're saving for retirement or saving for their children's schooling. They could be seen as specific goals, however they are really quite vague. Financial planning can find the important numbers - How much do you need to save and also by when? If you aren't sure whether or not you will have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it gives you peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planners - West Chicago, IL
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable choices and prudently use the restricted resources for reaching 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 and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your circumstances and that you are doing something beneficial for your financial predicament. Financial planning supplies a road map with an action plan that - if implemented faithfully - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you're centered on the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For instance, depending 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 harmful for your financial well-being. A Certified Financial Planner can make you understand 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 creates; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned with 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 which is awaiting you.
Impact of Financial Planning - West Chicago, IL
The impact of sound financial planning on over-all 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 one of the various components of your financial life - like buying a house, saving for retirement, planning for children's education, owning your ideal car, debt management and so forth - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you'll begin to gain traction all round, and you will see your ability to understand your financial goals 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 have mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime 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 information, please feel free to contact us at any time and we'll be happy to help you!
