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4 min read
The Importance of Emergency Funds and How to Build One
In the world of personal finance, there’s one piece of advice that financial experts agree on…
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…
3 min read
Product over people : How you are missold a financial product
Picture this: you step into a financial institution, most likely a bank, seeking an insurance plan…
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…
4 min read
Factors to Consider Before Making a Loan Prepayment
Tired of long nights spent tossing and turning, kept awake by thoughts of towering debt or…
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
How to Choose a Health Insurance Plan in India
Purchasing health insurance is a critical financial decision that can shield you from economic hardship in…
3 min read
How to Create a Retirement Budget in India?
Planning for retirement is crucial to ensure financial security and peace of mind in your golden…
5 min read
Tax on long-term capital gains
Understanding Long Term Capital Gains (LTCG) is crucial for any taxpayer. So, what is LTCG? It’s…
3 min read
Transparency and Accountability in Peer-to-Peer Lending: The Role of NBFC-P2Ps
Peer-to-Peer (P2P) lending has emerged as a popular alternative to traditional banking, offering individuals and businesses…
4 min read
3 Things to Consider Before You Rush Into Investments
Investing is often seen as a gateway to financial growth and freedom. The promise of multiplying…
4 min read
Why It Helps to Know Your Investment Horizon
The investment horizon — sometimes called the investor’s time horizon — is a fairly simple concept.…
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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.
