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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,…
Things to Consider While Choosing a Crypto Wallet
Introduction Cryptocurrency wallets are essential tools for securely storing and managing digital assets. With multiple options…
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…
6 min read
Fund Manager vs. Wealth Manager vs. Financial Planner: Who They Are and Who You Really Need
India’s economy is growing fast. The average income is rising, but most people still don’t know…
2 min read
AMFI Unveils Three Game-Changing Initiatives to Make Mutual Fund Investing More Accessible
The Association of Mutual Funds in India (AMFI) has rolled out three new initiatives—Chhoti SIP, Tarun…
4 min read
Most Common Challenges People Face During Retirement Planning
“Retirement is a time to enjoy the things you never could before.” Like what you're reading?…
4 min read
Financial Well-Being for Kids & Teens: A Teaching Guide
Empower future generations with financial literacy through this essential guide to teaching kids and teens about…
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…
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…
3 min read
Understanding Fixed and Variable Income Investments: Where Does P2P Lending Fit?
Investing involves understanding different types of income investments to balance your portfolio effectively. This blog will…
4 min read
What’s the Difference Between TDS and TCS? Explained Simply!
This blog post explores the differences between Tax Deduction at Source (TDS) and Tax Collected at…
Are Millennials Worse Off than Baby Boomers?
For her 31st birthday, Charu, a high-level marketing executive with a large MNC, decided to treat…
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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.
