Financial Planning Company – Winnetka

The most typical 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 intelligent investment decisions, but there is so much more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic method that helps you make better decisions by turning vague objectives into concrete plans, giving a map for action. Having a financial plan - and sticking to it - gives you a real edge when it comes to planning your retirement and other long-term financial and life goals.

Saving For Retirement and Your Child's Education - Winnetka

Often folks say that they are saving for retirement or saving for their child's education. They seem like specific goals, but they're really quite vague. Financial planning can discover the important numbers - How much must you save and by when? If you aren't sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you have to do and that you are following the financial plan, it offers 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 parents, financial planning can help you make better-informed decisions.

Certified Financial Planner - Winnetka

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 informed choices 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 targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a specialist has reviewed your situation and that you're doing something positive for your financial situation. Financial planning supplies a map with an action plan that - if implemented diligently - 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 centered on the near-term rather than on much wider long-term implications, then you may 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 susceptible to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner will make you realize that the type of investment you choose affects the after-tax return. Remember, it's not about the returns an investment produces; it's about the net income that comes in your hand. Many of you do not realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried about and you do not realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's awaiting you.

Influence of Financial Planning - Winnetka

The influence 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 center, each one of the various components of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you start to make progress along every one of those spokes, you are going to start to gain traction overall, and you'll see your ability to understand your financial targets really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.

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

For more information, please don't hesitate to contact us at any time and we will be happy to help you!