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5 min read
Finance Planner vs. Wealth Manager vs. Mutual Fund Distributor vs. Insurance Agent: Which One Do You Really Need?
Money management in today’s world seems to be overwhelming, mainly because of the large number of…
4 min read
What is Financial Personality?
When it comes to managing money, everyone approaches financial decisions differently. Whether you’re a meticulous planner,…
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…
3 min read
How much do employees make in an IPO? 1 Finance Magazine research shows it’s just 0.1%
Can your 9-to-5 make you the next millionaire? Many believe it can, especially when equity is…
4 min read
Received an Income Tax Notice? Here’s How to Respond to it
Receiving an income tax notice might feel like a thunderstorm on a sunny day, but it’s…
4 min read
Here’s the Most effective Strategy for Retirement Planning
What is Retirement Planning? Retirement planning involves preparing today for your future life so that you…
4 min read
What is Gold ETF? How does Gold ETF Works?
Gold, one of the world’s oldest assets, continues to capture the imagination of investors in the…
4 min read
Where to Invest Your Monthly Surplus?
There are times when you have some additional money every month and you may not be…
5 min read
Belated Return or Revision : Your Last Chance to File or Revise ITR for the Year 2022-23
When discussing personal finance, one topic we can’t overlook is income tax filing—an annual ritual where…
4 min read
Gifts and Their Tax Implications
In India, exchanging gifts is a common way to express love and gratitude within our culture.…
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?…
5 min read
5 Horsemen of Solid Personal Financial Planning
Throughout history one question has been consistently pondered upon- what constitutes a well-lived life? While the…
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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.
