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3 min read
How To Do Mutual Funds Redemption : A Comprehensive Guide
Mutual funds serve as a cornerstone of many investors’ portfolios, offering a diversified approach to wealth…
4 min read
The Emotional Essence of Home: To Own or To Rent? | Temperament by 1 Finance
Imagine a world where every major decision is not just a calculation but a journey through…
2 min read
How to Download NPS Statement
Tracking your National Pension System (NPS) contributions is crucial for financial planning. The NPS statement provides…
8 min read
Liability Planning: A Comprehensive Guide
Looking to protect your assets and minimize your financial risks?
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…
5 min read
7 Best Premium Credit Cards in India for Travel and Unlimited Lounge Access
For high-income earners and affluent individuals, premium credit cards are more than just a payment method…
How Digital Transactions Are Changing the Way We Spend
Before getting off a rickshaw, or upon approaching a store counter, or while paying for dinner,…
Ayushman Bharat Scheme (PM-JAY)
For many economically vulnerable families in India, financial planning isn’t the primary concern—basic necessities like food,…
3 min read
Maximising Investment Success: The Power of Diversifying Your Portfolio
Investing involves making strategic decisions to achieve your financial goals while managing risk. One of the…
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…
3 min read
The Evolution of Peer-to-Peer Lending: A Global Journey
In the landscape of finance, Peer-to-Peer (P2P) lending has emerged as a transformative force, revolutionizing the…
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…
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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.
