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4 min read
Home Loan EMI vs. Renting: Which is the Better Choice?
If you’re in your 30s or early 40s, you might have been pondering whether it’s better…
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…
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…
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…
8 min read
Real Estate in Gurugram – Prices, Affordability, Top Performing Markets and Future Trends
Located on the southwestern fringes of India’s capital, Gurugram, formerly Gurgaon has emerged as one of…
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…
10 min read
Fixed Deposits vs. Debt Mutual Funds: The Legacy of Top Investments in India
Priya, a 28-year-old IT professional based in Bangalore has recently received a bonus of Rs. 5…
3 min read
How Does India invest? A Look Into 2023 Report
Investments are often a window into a nation’s economic pulse and the confidence of its people.…
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…
4 min read
Six Myths Around Women and Money
Each year, March month becomes a whole month of celebration for women in every field. Being…
5 min read
Applicability of Tax-Loss Harvesting Strategy in 2024
Rohit had a diverse investment portfolio in 2023. By December, he realised he had the following…
4 min read
Received a Notice under Section 148? Here’s what you need to know
Receiving a notice from the income tax authorities can naturally cause anxiety, especially during assessments or…
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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.
