Personal Finance
3 min read
Flexi-Cap Funds vs. Sector Funds: Which One Should You Choose?
Investing in mutual funds can be confusing, especially when deciding between flexi-cap funds and sector funds.…
5 min read
Finance Planner vs. Wealth Manager vs. Mutual Fund Distributor vs. Insurance Agent: Which One Do You Really Need?
Money management in today’s world seems to be overwhelming, mainly because of the large number of…
5 min read
The Basics of Financial Well-Being: What Does It Really Mean?
Unlock the true meaning of financial well-being as we delve into its key components, from budgeting…
7 min read
Who is a Fee-Only Financial Advisor?
In the past few decades, India’s financial sector has witnessed a troubling rise in the mis-selling…
4 min read
What Is An Emergency Fund? How Much Should Your Emergency Fund Be?
Most people in India are not financially prepared to tackle emergencies if they come up. From…
4 min read
Why HRs Must Address Employee Financial Wellbeing Now
The burden of financial stress weighs heavily on many employees, impacting their financial wellbeing. This persistent…
5 min read
Why Do You Need a Safe Deposit Locker?
There are things you can lose and not care much about. But there are some things…
3 min read
Understanding Trusts: A Comprehensive Guide to Managing Your Assets
Disclaimer: Formation of a trust and transfer of property into the same should not be done…
3 min read
Mastering Tax Season: Essential Preparation for ITR Filing
As the tax filing season approaches, it’s crucial to prepare for filing your Income Tax Return…
5 min read
Family, Finance, and the Future: Your Roadmap to Inheritance Planning
Navigate the intricate intersection of family dynamics, financial legacy, and future planning with our expert guidance.
3 min read
7 Out of 10 Indians Dream of Owning Their a House
Owning a home is a quintessential part of the Indian dream. A recent study reveals that…
3 min read
Increasing Contribution Calculator: How Annual Investment Increases Affect Wealth Accumulation Over Time
When it comes to wealth accumulation, consistently increasing your investment contributions can have a significant impact.…
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Frequently Asked Questions
What is financial planning?
Financial planning is the process of evaluating your current finances and making a plan to map your journey to financial well-being.
It involves looking at all aspects of your financial life - income, savings, debt, investments, etc.
The aim is to understand where you stand today financially and then chart a course to get you where you want to be in the long run.
Financial planning provides direction and structure to your finances. It helps you intentionally move toward financial wellness.
The plan equips you to prepare for expected life events like retirement as well as unexpected events.
In short, financial planning bridges your present circumstances to your desired financial future. It gives you a path to follow.
What are the benefits of working with a financial advisor?
Working with a financial advisor can provide an invaluable perspective on your current situation. With the help of a financial advisor, you can assess your finances holistically - debts, assets, income streams, and more. With this comprehensive understanding, the advisor helps craft strategies tailored to your needs.
A financial plan crafted by a qualified advisor grants you agency over your financial life. It transforms vague anxiety about the future into proactive preparation. With expert guidance, you can map out actionable steps to strengthen your finances over time.
Why is financial planning important?
Financial planning is important because it provides clarity and control over your finances.
Having a financial plan helps you:
- Understand where you stand financially today
- Map out specific steps to improve your financial situation
- Prepare for major life events like marriage, child’s education, retirement etc.
- Budget effectively and evaluate your investment portfolio
- Strategic Tax Planning & Filing
- Manage and reduce debt
- Being financially ready for emergencies
- Creating a will to preserve your legacy
In short, financial planning is essential for financial stability and peace of mind. It gives your finances direction and purpose. With proper planning, you can take charge of your money and build financial security.
