Financial Planning Company – Western Springs, IL
The most common misconception regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make sensible investment choices, but there's a whole lot more to it. Financial Planning is the method of creating strategies to help you control your financial affairs effectively and meet financial goals. It is a holistic process that helps you make better decisions by turning vague objectives into concrete strategies, supplying a map for action. Having a financial plan - and sticking to it - gives you a true advantage when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Western Springs, IL
Often individuals say that they are saving for retirement or saving for their child's schooling. They could be seen as specific goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you aren't sure whether 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 assurance. 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 can help you make better-informed choices.
Certified Financial Planner - Western Springs, IL
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable decisions 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 every year to achieve these objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your needs and that you're doing something positive for your financial situation. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose has an effect on the after-tax return. Bear in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is waiting for you.
Influence of Financial Planning - Western Springs, IL
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different elements of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your ideal car, debt management etc - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you will start to gain traction all round, and you'll see your ability to realize your financial goals really begin to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and 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. Essentially, you should meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on track.
For more information, please feel free to contact us at any time and we will be happy to help you!
