Financial Planning Company – Western Springs, Illinois
The most common misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make wise investment decisions, but there is so much more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic method that helps you make smarter decisions by turning vague targets into concrete plans, giving a map for action. Having a financial plan - and sticking to it - provides you with a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Western Springs, Illinois
Often folks say that they're saving for retirement or saving for their children's schooling. They sound like specific goals, but they're really quite vague. Financial planning can find the important 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 anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Western Springs, Illinois
The majority of people don't have limitless 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 limited 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 every year to achieve these targets, a Certified Financial Planner will 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're doing something beneficial 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 financially.
Missing the big picture is a problem seen all too often with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you realize that the type of investment you choose impacts the after-tax return. Don't forget, it isn't about the returns an investment generates; 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 potential 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 money you'll have because of the tax liability that's waiting for you.
Impact of Financial Planning - Western Springs, Illinois
The impact 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 one of the various aspects 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 on - are spokes to the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction overall, and you'll see your ability to recognize your financial goals really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Preferably, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more info, please feel free to contact us at any time and we'll be glad to help you!
