Personal Finance
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Flexi-Cap Funds vs. Sector Funds: Which One Should You Choose?
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Performance of India’s Nifty 50 Constituents in 2024: Last year in Review
2024 has been quite a rollercoaster for India’s stock market. Investors saw big winners and surprising…
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When the Sky Falls: What to Do Amidst Financial Turbulence
In case you have watched the TVF record-making series ‘Sapne vs Everyone,’ you must remember episode…
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Investment Alone is Not Financial Planning. Know What Financial Planning Truly is!
Many people assume that investing money is the key to financial success. They focus on stocks,…
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Here’s How You Can Create Your Wedding Budget Without Compromising Your Financial Goals
A wedding is one of life’s most cherished moments, but it also comes with significant financial…
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Types of Mutual Funds: What Are Different Types of Mutual Funds, How They Differ, and How to Invest in Them
The Indian mutual fund industry has witnessed exponential growth over the past decade. As of December…
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Micro Loans vs. P2P Lending
In today’s fast-evolving financial landscape, alternative lending options like Micro Loans and Peer-to-Peer (P2P) Lending are…
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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…
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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.
