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7 min read
Capital Gains on Sale of Property: What Homeowners Need to Know
In India, we love to buy properties, and often these purchases are partly funded by the…
4 min read
What is RERA Carpet Area? Why It’s Important, How It’s Calculated?
In this blog, we’ll dive into everything you need to know about RERA carpet area: what…
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.
5 min read
Pre-existing Conditions and Health Insurance: What You Need to Know
In the complex world of health insurance, understanding the nuances of policies can be daunting, especially…
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,…
4 min read
Navigating Surrender Value in Life Insurance
When navigating the complex terrain of life insurance, understanding the concept of surrender value is essential.…
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…
4 min read
How to Evaluate Cryptocurrencies
Cryptocurrencies are a unique asset class that lacks the standardised valuation frameworks used in traditional markets…
3 min read
The Role of a Financial Advisor in Retirement Planning
By the textbook definition, ‘retirement’ is a stage in life when a person decides to quit…
9 min read
5 Key Retirement Planning Strategies for Every Age
Whether you're just starting your career or nearing retirement age, this article outlines 5...
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…
4 min read
RBI Strengthens Guidelines for P2P Lending Platforms
The Reserve Bank of India (RBI) recently issued a revised circular on August 16, 2024, introducing…
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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.
