Financial Planning Services – Westchester, Illinois

The most common 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 sensible investment choices, but there's a lot more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic process that can help you make smarter decisions by turning vague objectives into concrete plans, supplying a map for action. Having a financial plan - and sticking to it - will give you a true edge with regards to planning your retirement as well as other long-term financial and life goals.

Financial Planning For the Future - Westchester, Illinois

Often people say that they are saving for retirement or saving for their children's schooling. They seem like specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you're not sure whether you'll 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 gives you 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 parents, financial planning can help you make better-informed choices.

Certified Financial Planner - Westchester, Illinois

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 knowledgeable options and prudently use the limited resources for attaining 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 and every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the reassurance of knowing that an expert has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning offers a road map with an action plan that - if implemented faithfully - 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 may wind up impairing the accumulation of wealth. For instance, depending 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 can make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It is 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'll have because of the tax liability that's awaiting you.

Influence of Financial Planning - Westchester, Illinois

The impact 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 various components of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction overall, and you will see your ability to recognize your financial goals really begin to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.

Financial Planning can be a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.

For more details, please do not hesitate to contact us at any time and we'll be happy to help you!