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3 min read
5 Essential Considerations For Building a Robust Retirement Fund
As the future looms closer, the prospect of retirement often feels like an elusive dream—one that…
4 min read
Travel Insurance Essentials: Your Passport to Worry-Free Journeys
Discover Types, Pre-Purchase considerations, and a Hassle-Free Claims Process.
6 min read
Home loan interest rates drop in 2025: MCLR vs. Repo Linked Lending Rate, which one should you choose to lower your home loan EMIs?
Home loan interest rates have started to drop following a series of repo rate cuts by…
6 min read
ITR filing for FY 2024-25: What is income tax return filing, who needs to file ITR, and what are the benefits of filing ITR?
Understanding the basics of ITR is essential. What is income tax return? What is the last…
4 min read
SEBI’s Mutual Fund Categorisation Guide That Every Investors Should Understand
In 2017, the Securities and Exchange Board of India (SEBI) introduced new guidelines to categorise and…
3 min read
How to Build a Good Credit Score
What constitutes credit can be a vague, elusive and somewhat intimidating concept, despite how ubiquitous it…
4 min read
Effective Strategies for Tax Planning for 2025
Tax planning is an integral part of managing one’s personal finances and an effective strategy allows…
5 min read
What is the Unified Pension Scheme (UPS)?
Recently, the Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024. UPS or…
3 min read
What is Portfolio Rebalancing? How does Portfolio Rebalancing Work?
They say asset allocation is the key. What do they mean by this? Let’s say that…
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.…
4 min read
Everything You Need To Know About Hindu Undivided Family: What Is Hindu Undivided Family And How To Create One?
When it comes to tax planning in India, the Hindu Undivided Family (HUF) structure is a…
6 min read
Advance Tax in India: A Guide for Individuals
Demystify advance tax in India and take control of your financial obligations with this comprehensive guide…
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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.
