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5 min read
The Consequences of Not Filing Income Tax Returns (ITR)
This blog highlights the importance and consequences of timely Income Tax Return (ITR) filing, focusing on…
4 min read
Can you claim both HRA and home loan deductions?
Many people in India have purchased homes using loans and are paying installments. The Income Tax…
18 min read
What is Retirement Planning?
Life has many phases: birth, childhood, youth, middle age, and finally, retirement. Here, we focus on…
4 min read
Should You Invest in NFOs or Existing Mutual Fund Schemes?
Choosing between a new fund offer (NFO) and an existing mutual fund scheme depends on personal…
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…
6 min read
What is HRA? Latest HRA calculation, how to claim HRA exemption for FY 2024-25
The House Rent Allowance (HRA) is an allowance that an employer offers to employees to help…
3 min read
Planning to pause your SIP during a market crash? Think again!
While systematic investment plans (SIPs) continue to be one of the best ways to grow wealth…
2 min read
How Will the Budget 2024 Affect Your Gold Investments?
The Union Budget 2024 brings significant changes to the taxation of gold investments, which could impact…
Should Fixed Deposits Be a Part of Your Financial Plan?
Fixed deposits, or FDs, have been a mainstay of the Indian financial landscape for a very…
The WazirX Hack: A Detailed Account and Response Measures
On July 18, 2024, the Indian crypto exchange WazirX faced one of the most significant security…
6 min read
REITs vs. InvITs: Where Should You Invest in 2025?
In recent years, the Indian investment landscape has broadened well beyond traditional choices like stocks, bonds,…
3 min read
Build an Emergency Fund or Invest First? What’s the Right Choice?
During the Great Recession (December 2007 – June 2009), the U.S. unemployment rate rose from 5%…
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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.
