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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…
7 min read
One on One with a Wedding Emcee
Newman D’silva has hosted over 500 events since 2013 — but that’s not all he’s been…
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…
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…
7 min read
ChatGPT vs. financial advisors: Can ChatGPT be your financial advisor and manage money?
If you’ve ever turned to ChatGPT to draft a tricky email, find a meal prep recipe,…
6 min read
8 Financial Decisions That Were Turning Points
Our financial choices are inextricably linked to the life experiences we have and our behavioural traits,…
3 min read
ELSS vs. PPF: Which One Should You Choose for Your Portfolio?
When it comes to tax-saving investments, two options stand out—Equity Linked Savings Scheme (ELSS) and Public…
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.…
2 min read
A Cheeky Look into Everyone’s Festive Spending
Buy a box of 24 carat gold-leaf mithai. The guilt won’t be about the calories. Like…
5 min read
What is the best investment for you in 2025?
From fixed income to stocks, mutual funds, real estate, and gold, there are several investment options…
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…
5 min read
Section 43B of the Income Tax Act
As a business owner or a self-employed taxpayer who isn’t on a monthly payroll, you’re probably…
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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.
