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2 min read
How to Download NPS Statement
Tracking your National Pension System (NPS) contributions is crucial for financial planning. The NPS statement provides…
6 min read
How to start SIP in NPS
With features like long lock-in period, low starting amount, and tax benefits, NPS makes saving for…
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
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…
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
Safeguarding your future: Decoding Term Insurance Vs Personal Accident Insurance
Introduction Life’s unpredictability often brings unexpected emergencies. While we can’t control these events, having the safety…
5 min read
What is the Role of a Financial Advisor in Your Life?
“There is no such thing as a self-made man. You will reach your goals only with…
4 min read
Understanding Personal Inflation Rate: The Ultimate Guide
Gain comprehensive insights into calculating and comprehending your personal inflation rate in India with this ultimate…
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…
3 min read
Manual vs. Automatic Lending in India’s P2P Lending Market
Peer-to-Peer (P2P) lending is gaining significant traction in India, offering a unique opportunity for both borrowers…
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
All about NPS Vatsalya
NPS Vatsalya is a newer initiative within India’s National Pension System (NPS) designed specifically to help…
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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.
