Tax Planning
4 min read
Navigating Income Tax & Taxation on Gifts Received in India
Understand taxable income basics and the taxation on gifts received. Navigate with confidence, ensuring compliance and…
4 min read
Gifts and Their Tax Implications
In India, exchanging gifts is a common way to express love and gratitude within our culture.…
3 min read
Difference Between Belated ITR and Revised ITR
Introduction While most people around you might have successfully filed their Income Tax Returns for the…
4 min read
How you can Minimise Tax Impact When Selling Property in 2024
Selling property can be a rewarding experience, but the taxes involved can quickly dampen your enthusiasm.…
5 min read
NPS Investment for Additional Tax Deduction: Is it a Beneficial Choice?
This article assesses the pros and cons of investing in NPS for tax deductions, aiding informed…
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Simple Steps to Apply for Refund Re-issue
Introduction It is officially that time of the year when office WhatsApp groups are overflowing with…
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.
