Financial Planning Services – Woodridge, Illinois

The most typical misunderstanding 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 decisions, but there's a lot more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic process that can help you make smarter decisions by turning vague targets into concrete strategies, providing a map for action. Having a financial plan - and sticking to it - will give you a real advantage with regards to planning your retirement and also other long-term financial and life goals.

Retirement Planning/Children's Education Funds - Woodridge, Illinois

Often individuals say that they are saving for retirement or saving for their children's education. They sound like precise goals, but they're really quite vague. Financial planning can discover the important numbers - How much must you save and also by when? If you're not sure whether or not you'll 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 self-assurance. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.

Certified Financial Planner - Woodridge, Illinois

Many 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 options 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 goals, but you only have Rs. 1,000 extra each year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning offers a map with an action plan that - if followed diligently - will take you where you want to go fiscally.

Missing the big picture is an issue seen too frequently with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you might end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to understanding that different types of investments are subject to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner will make you understand that the type of investment you choose has an effect on the after-tax return. Don't forget, it's not about the returns an investment produces; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are 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 is awaiting you.

Impact of Financial Planning - Woodridge, Illinois

The impact 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 heart, each one of the various aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your dream car, debt management and so forth - are spokes on the wheel. Once you start to make progress along each one of those spokes, you are going to begin to gain traction overall, and you'll see your ability to realize your financial goals really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who've planned out a financial path appreciate greater well-being, fret less, sleep much better and have strong relationships.

Financial Planning can be a life process. Essentially, you need to meet a financial planner as early as possible in your lifetime and generate a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on track.

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