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4 min read
What is Form 60: How to Fill and Download Form 60?
Introduction Have you ever tried making a substantial, high-value transaction but failed to do so because…
3 min read
PMS or Mutual Funds: Where Does an Unfair Advantage Lie?
When it comes to wealth creation, investors often find themselves choosing between Portfolio Management Services (PMS)…
2 min read
The Importance of Growth Assets in Your Portfolio
Priya Kumar, a 40-year-old IT professional from Bengaluru, earns ₹1,50,000 monthly. Despite saving regularly, she worries…
3 min read
How Not to Plan Your Finances: Common Pitfalls to Avoid
Financial planning is a cornerstone of achieving long-term financial security and stability. However, not all financial…
7 min read
Retirement Income Strategies: How to Get the Most Out of Your Retirement?
Human life can be viewed as a journey, with experiences and financial milestones along the way.…
5 min read
How to Save Taxes on Capital Gains: Exemptions Under Sections 54, 54EC, and 54F
Tax liability arising due to capital gains from the sale of capital assets like land, buildings,…
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…
6 min read
What is a Will in India?
A will is a legal document that allows an individual, known as the testator, to dictate…
5 min read
Why Financial Planning Is the Key to Unlocking Your Peace of Mind: Here’s How
In today’s fast-paced and ever-changing world, achieving peace of mind can feel like an elusive goal.…
8 min read
Financial Strategies When You Are In Your 30
Are you in your 30s and looking for ways to improve your financial situation? Get practical…
4 min read
Difference Between Multi-Cap and Flexi-Cap Funds: Which One Should You Choose?
As an investor, you must be looking for a mutual fund that does it all, capturing…
2 min read
5 Key things to know before making a Will
Understanding that Will-making is important is a great start to ensuring that your assets are given…
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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.
