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5 min read
Things to Consider Before Filing Revised Income Tax Return
Introduction With all the hubbub around filing income tax returns before the 31st of July, 2024,…
3 min read
Does NPS Come Under 80C Deductions? What are Tax Application on NPS
One of the key benefits of investing in the National Pension System (NPS) is its tax-saving…
3 min read
Should You Opt For Arbitrage Funds For Your Emergency Corpus?
Arbitrage Funds vs. Liquid Funds: The Best Option for Emergency Funds? The tax efficiency of arbitrage…
4 min read
5 Essential Steps to Make a Will and Secure Your Legacy
Many view estate planning as a task for the elderly or wealthy, but creating a will…
3 min read
Securing Your Future: The Role of a Financial Advisor in Retirement Planning
Uncover the crucial role financial advisors play in securing your future through effective retirement planning.
4 min read
What Your Financial Behaviour Score Means
The thought of planning your finances, or simply making money choices, can be daunting — it…
6 min read
How We Evaluate Home Loan Lenders (and How It Helps You)
Finding your dream home is an exhilarating experience. But the excitement can quickly fade as you…
4 min read
Understanding the difference between short-term and long-term capital gains in India
Understanding short-term and long-term capital gains is crucial for complying with tax laws and filing your…
4 min read
Macroeconomics and Its Impact on Personal Finance | “Temperament” by 1 Finance
In the ever-evolving economic landscape, understanding the intersection of macroeconomics and personal finance is crucial. The…
7 min read
How to Save for a House: Mastering the Art of Saving
So, you’re all set to embark on the exciting journey of buying your dream home, huh?…
4 min read
How to invest in the US stock market from India
They say diversification is the only free lunch in investing. We all understand the importance of…
7 min read
4 Smart Ways to Reduce Your Home Loan Interest Rate While Paying EMIs
Home loan borrowers can look forward to lower interest rates in 2025, following the Reserve Bank…
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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.
