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5 min read
Received an Notice under Section 139(9)? Here’s what you need to know
Filing an Income Tax return often brings a sense of relief for taxpayers, but that relief…
2 min read
Understanding CAGR and XIRR: Which One Should You Use to Calculate Investment Returns?
The objective of any investment is to generate returns, and while calculating the returns, investors come…
4 min read
Resurrecting a Lapsed Term Life Insurance Policy: Exploring Causes of Lapse and Pathways to Revival
In the ever-evolving landscape of personal finance, securing one’s financial well-being is a paramount concern. Life…
3 min read
PMS or Mutual Funds: Where Does an Unfair Advantage Lie?
When it comes to wealth creation, investors often find themselves choosing between Portfolio Management Services (PMS)…
6 min read
How to save tax for salary above ₹15 lakh
Earning over ₹15 lakh a year is a significant milestone. It reflects your hard work, dedication,…
4 min read
36 unauthorised bungalows demolished in Pune: Why homebuyers should consult real estate advisors before purchasing property
Imagine building your dream home—putting in all your savings, planning every corner, and finally moving in…
6 min read
Demystifying Taxable Income: A Beginner’s Guide for Indian Individuals
Unlock the basics of taxable income in India. This beginner's guide offers clarity on taxation essentials…
5 min read
How 1 Finance Applies the ‘Three Generations of Wealth Creators’ Framework in Financial Planning
Financial planning is not a one-size-fits-all approach. Each individual has unique financial goals, challenges, and levels…
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…
4 min read
IPO investing: Quick gains or risky lottery? Find out the true returns for investors
The allure of investing in an Initial Public Offering (IPO) in India is hard to resist,…
5 min read
Building Blocks to Financial Well-being
Discover the essentials of financial well-being and gain practical insights to navigate personal finance in India…
The Allure of Fantasy Sports
In 2017, at the height of Premier Kabaddi League’s popularity, Joseph George created his kabaddi team…
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.
