Personal Finance

Unknown Clauses About Life Insurance Policies to Watch

Personal Finance

3 min read

Unknown Clauses About Life Insurance Policies to Watch

In India, life insurance has long been an emotional decision for families. It remains a push…

The Weight of Money On Your Mind: How Finances Affect Your Well-being

Personal Finance

4 min read

The Weight of Money On Your Mind: How Finances Affect Your Well-being

Money is known to be the great enabler that puts the life you desire within reach.…

Optimise Your Investments with the Mutual Fund Portfolio Overlap Tool

Personal Finance

3 min read

Optimise Your Investments with the Mutual Fund Portfolio Overlap Tool

Investing in mutual funds is a popular strategy for diversifying one’s portfolio and achieving financial goals.…

Increasing Contribution Calculator: How Annual Investment Increases Affect Wealth Accumulation Over Time

Personal Finance

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.…

Mastering Tax Season: Essential Preparation for ITR Filing

Personal Finance

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…

Planning for Financial future: Where to start?

Personal Finance

5 min read

Planning for Financial future: Where to start?

Welcome to the exciting world of financial planning! Are you ready to take charge of your…

Why HRs Must Address Employee Financial Wellbeing Now

Personal Finance

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 Key Steps to Plan a Financially Secure Life

Personal Finance

5 min read

5 Key Steps to Plan a Financially Secure Life

In a world of constant change and uncertainty, achieving financial security is a common aspiration for…

Six Myths Around Women and Money

Personal Finance

4 min read

Six Myths Around Women and Money

Each year, March month becomes a whole month of celebration for women in every field. Being…

Why Should You Evaluate Your Existing Portfolio Before Making a New Investment?

Personal Finance

3 min read

Why Should You Evaluate Your Existing Portfolio Before Making a New Investment?

More often than not, I have received calls from investors asking me to add a new…

The Role of a Financial Advisor in Retirement Planning

Personal Finance

3 min read

The Role of a Financial Advisor in Retirement Planning

By the textbook definition, ‘retirement’ is a stage in life when a person decides to quit…

How to afford a house in India in 2024!

Personal Finance

4 min read

How to afford a house in India in 2024!

In my short career of being a financial planner for the last 12 years, I have…

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Identify the personality traits and behavioural patterns that shape your financial choices.

Frequently Asked Questions

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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.

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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.

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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.