Financial Planning Services – Wood Dale, Illinois

The most common misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment choices, but there is a whole lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs efficiently and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague objectives into concrete plans, offering a guide for action. Having a financial plan - and sticking with it - provides you with a true advantage with regards to planning your retirement and also other long-term financial and life goals.

Retirement Planning/Children's Education Funds - Wood Dale, Illinois

Often individuals say that they're saving for retirement or saving for their little one's education. They seem like precise goals, however they are really quite vague. Financial planning can discover the key numbers - How much do you need to save and also by when? If you aren't sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should 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 house, having kids or caring for aging parents, financial planning can help you make better-informed choices.

Certified Financial Planners - Wood Dale, Illinois

Many people do not 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 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'll have the reassurance of knowing that a specialist has reviewed your situation and that you are doing something positive for your financial situation. Financial planning supplies a road map with an action plan that - if followed faithfully - will take you where you want to go financially.

Missing the big picture is an issue seen too often with clients. If you're devoted to the near-term rather than on broader long-term implications, then you might end 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 harmful for your financial wellness. A Certified Financial Planner will make you understand that the kind 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 fail to realize the delayed tax implications on the foreseeable future nest eggs. It is pre-tax returns you're worried about 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 awaiting you.

Impact of Financial Planning - Wood Dale, Illinois

The influence of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different aspects of your financial life - like buying a home, 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 begin to make progress along every one of those spokes, you will start to gain traction overall, and you will see your ability to understand your financial goals really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.

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

For more details, please feel free to contact us at any time and we will be glad to help you!