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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…
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…
3 min read
Things to Consider While Choosing a Crypto Wallet
Introduction Cryptocurrency wallets are essential tools for securely storing and managing digital assets. With multiple options…
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…
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
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…
4 min read
What Is An Emergency Fund? How Much Should Your Emergency Fund Be?
Most people in India are not financially prepared to tackle emergencies if they come up. From…
3 min read
What is 100 minus age asset allocation strategy?
Financial advisors often treat asset allocation as the cornerstone of any solid investment strategy. While it…
3 min read
What is Crypto Scoring and Ranking?
Navigating the dynamic world of cryptocurrencies, especially within the decentralised finance (DeFi) sector, can be challenging…
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…
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,…
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…
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.
