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5 min read
Key Steps to Take 5 Years Before Retirement
Planning for retirement is a long-term process, and the five years leading up to it are…
3 min read
How to Apply for Health Insurance Under PM-JAY Scheme
As healthcare costs rise, ensuring senior citizens have access to affordable and quality healthcare is critical.…
3 min read
Managing Economic Cycles: A Comprehensive Guide Through Ups and Downs | Temperament by 1 Finance
Economic cycles, with their inevitable rises and falls, shape the financial landscape we navigate daily. Understanding…
6 min read
Why Should You Invest in Gold: Gold Prices, History and future
There’s one metal that is historic, timeless and valuable. Yet not rare like diamond, or cheap…
4 min read
Maximizing Savings with HRA: Indian Taxation
Discover how HRA in India affects your taxes and learn effective strategies to optimize savings.
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…
3 min read
Demystifying Travel Insurance: Separating Fact from Fiction
Unravel the truth about travel insurance with us as we debunk common myths and misconceptions, helping…
5 min read
Home Loan Rate Drop: How Much Can You Save on Your Home Loan Interest Now?
If you’re repaying a home loan, there’s good news. The Reserve Bank of India (RBI) has…
3 min read
The Golden Touch: Decoding Gold Investments in Modern India | Temperament by 1 Finance
In the Indian psyche, gold is more than a precious metal; it’s a symbol of prosperity…
3 min read
What is a Financial Planning Centre?
Your financial future is a vital part of your life. It encompasses your dreams, your security,…
3 min read
Choosing the Best Platform for Personal Loans: A Comprehensive Guide
In today’s fast-paced world, accessing funds through personal loans has become easier than ever, thanks to…
6 min read
Tax planning for salaried Individuals – Beginners guide
This guide empowers salaried individuals with essential tax planning knowledge to effectively manage taxes and maximize…
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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.
