Financial Planning – Winfield

The most popular misunderstanding about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make intelligent investment decisions, but there is so much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic process that can help you make better decisions by turning vague goals into concrete plans, offering a map for action. Having a financial plan - and sticking to it - will give you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.

Retirement Planning/Children's Education Funds - Winfield

Frequently folks say that they are saving for retirement or saving for their child's schooling. They seem like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to 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 kids or caring for aging parents, financial planning can help you make better-informed decisions.

Certified Financial Planner - Winfield

Many people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options 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 targets, but you only have Rs. 1,000 extra every year to achieve these goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your circumstances and that you are doing something beneficial for your financial predicament. Financial planning offers a map with an action plan that - if followed faithfully - will take you where you want to go in financial terms.

Missing the big picture is an issue seen too frequently with clients. If you're focused on the near-term rather than on broader long-term implications, then you could end up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates could be damaging for your financial health. 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 isn't 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's pre-tax returns you're worried about and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is awaiting you.

Influence of Financial Planning - Winfield

The impact of sound financial planning on over-all 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 heart, each one of the different aspects of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so forth - are spokes on 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 targets really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who've planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.

Financial Planning is a life process. Preferably, you need to meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.

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