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5 min read
Mutual funds: Active Vs Passive funds
When it comes to investing in mutual funds, people generally fall into two camps: those who…
4 min read
How to afford a house in India in 2024!
In my short career of being a financial planner for the last 12 years, I have…
8 Financial Decisions That Were Turning Points
Our financial choices are inextricably linked to the life experiences we have and our behavioural traits,…
5 Mistakes to Avoid While Choosing Your Life Insurance Policy
Like most other financial products in India, life insurance is aggressively sold by agents who might…
3 min read
Estate Planning and Wealth Transfer Strategies in Modern India
Modern India has evolved a lot. The marked shift in the structure of our demographic, be…
3 min read
Protecting Consumer Rights in P2P Lending: A Guide to Filing Complaints in India
Peer-to-peer (P2P) lending has emerged as a popular alternative to traditional banking in India, offering borrowers…
8 min read
Real Estate in Gurugram – Prices, Affordability, Top Performing Markets and Future Trends
Located on the southwestern fringes of India’s capital, Gurugram, formerly Gurgaon has emerged as one of…
3 min read
All about NPS Vatsalya
NPS Vatsalya is a newer initiative within India’s National Pension System (NPS) designed specifically to help…
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…
3 min read
Exploring DeFi: Decentralized Finance
Exploring DeFi, the Financial Landscape with Decentralized Finance and Cryptocurrencies with its features and data.
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,…
6 min read
ITR filing for FY 2024-25: What is income tax return filing, who needs to file ITR, and what are the benefits of filing ITR?
Understanding the basics of ITR is essential. What is income tax return? What is the last…
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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.
