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6 min read
What is 80C in income tax?
When it comes to tax planning, the first thing that often comes to mind is Section…
5 min read
Is the F.I.R.E concept possible ?
By definition, it is a known fact that ‘retirement’ is a stage in life when a…
3 min read
How to Look For a Home Loan: A Comprehensive Guide
Purchasing your dream home is an exciting milestone, but it often requires taking on a long-term…
4 min read
Closing a Loan: Key Things to Keep in Mind
When it comes to personal finance, loans are often a necessity for major purchases or investments,…
3 min read
Are Cryptocurrencies Taxed in India? Understand the Rates, TDS and How to Calculate Tax on Crypto in India
Cryptocurrencies have gained popularity as a new form of digital asset due to their decentralised and…
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…
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…
5 min read
How to File Income Tax Return Online Using Form 16?
Introduction If you are new to filing your own ITR request, chances are that you have…
18 min read
What is Retirement Planning?
Life has many phases: birth, childhood, youth, middle age, and finally, retirement. Here, we focus on…
Behind the Scenes of Building MoneySign®
When we set out to build 1 Finance, one of the things we had the most…
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…
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…
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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.
