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3 min read
Understanding Per Capita Income: How It’s Calculated and What It Indicates
This article explores the concept of Per Capita Income, its calculation, and its significance in assessing…
4 min read
Gifts and Their Tax Implications
In India, exchanging gifts is a common way to express love and gratitude within our culture.…
3 min read
3 Essential Questions You Need to Ask Your Insurance Advisor
When it comes to insurance, it’s not just about picking a policy and paying the premiums—it’s…
3 min read
Top 5 Tax-Saving ELSS Mutual Funds in February 2025
Are you looking for ways to reduce your taxes? We often tend to buy random investment…
6 min read
ITR filing for FY 2024-25: What is income tax return filing, who needs to file ITR, and what are the benefits of filing ITR?
Understanding the basics of ITR is essential. What is income tax return? What is the last…
6 min read
The Role of Emotional and Cognitive Shortcuts in Financial Decision-Making
Discover how emotional and cognitive shortcuts impact your financial decisions, and learn to navigate them for…
4 min read
How to Choose the Correct ITR Form: A Guide to Choosing the Right Income Tax Return Form
As the tax season approaches, one of the most crucial decisions taxpayers face is selecting the…
3 min read
How to Close NPS Account
The National Pension System (NPS) is a long-term retirement savings scheme designed to provide financial security…
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
Decoding Economic Trends: What They Mean for Your Personal Finances
Uncover the impact of economic trends on your personal finance and harness this knowledge for informed,…
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
Organise Your Financial Documents with DocuLocker!
Let’s be honest—managing financial documents can feel overwhelming. Tax returns in one folder, insurance papers in…
Discover your MoneySign®
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.
