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…
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…
3 min read
How to Apply for Health Insurance Under PM-JAY Scheme
As healthcare costs rise, ensuring senior citizens have access to affordable and quality healthcare is critical.…
6 min read
The Role of Emotional and Cognitive Shortcuts in Financial Decision-Making
Discover how emotional and cognitive shortcuts impact your financial decisions, and learn to navigate them for…
4 min read
Effective Budgeting Strategies for Young Professionals
For most young adults, their early-mid twenties are a transitional period. This is usually when you’ve…
3 min read
Here’s the Impact Buying a Home Has on Your Financial Health
Buying a home is the biggest and probably the costliest financial decision we make in our…
3 min read
How to Create a Financially Smart New Year Resolution Plan
The New Year is the perfect time to hit refresh and think about how to take…
3 min read
Emergency Funds: Why You Need One and How to Build It
Discover the value of an emergency fund as your personal financial buffer, empowering you to handle…
3 min read
Decoding a Will for a retail customer with the right questions
The discussion of “making a will” brings images of heavy paperwork, legal jargon, lawyers, hefty fees,…
3 min read
The Tussle Between Traditional and Behavioural Finance: A Historical Perspective
Explore the riveting clash of ideologies as traditional finance meets the innovative insights of behavioral finance…
3 min read
What is Lifestyle Inflation?
Ramesh Rao, a 60-year-old retired IT professional, lives in Bengaluru with his wife, Meera. Their children,…
3 min read
Build an Emergency Fund or Invest First? What’s the Right Choice?
During the Great Recession (December 2007 – June 2009), the U.S. unemployment rate rose from 5%…
Discover your MoneySign®
Identify the personality traits and behavioural patterns that shape your financial choices.
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.
