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6 min read
Affordable Housing in Mumbai and Its Complex Challenges
This blog explores the socio-economic challenges, pricing trends, and policy interventions shaping Greater Mumbai’s housing affordability…
3 min read
How to Interpret AIS and TIS on the Income Tax Portal: A Comprehensive Overview
"Simplify your tax process as we demystify the Annual Information Statement (AIS) and the Taxpayer Information…
4 min read
10 Things to Remember Before Investing for the First Time
Investing can be a powerful tool for wealth creation and securing financial stability. However, for first-time…
5 min read
How to Restructure Your Loan: Understating Loan Restructuring
The devastating effects of the COVID-19 pandemic left a trail of financial turmoil in its wake.…
5 min read
Types of Wills in India: Know the differences
In India, wills are essential legal documents that allow individuals to specify how their assets should…
4 min read
Don’t be Fooled by Lower Expense Ratio of Gold Mutual Funds: You Pay Expense Ratio for Both Gold Mutual Funds, ETFs
Most investors try to find the right balance in investing, and in their quest to do…
8 min read
How to Get a Credit Card for the First Time
Just a decade ago, credit cards were a luxury, with stringent eligibility criteria making them accessible…
6 min read
Capital gains tax: Short-term, long-term capital gains tax rates, calculations, exemptions for FY 2024-25
If you invest in stocks, mutual funds, or real estate, you have likely come across the…
3 min read
Documents Required for Surrendering a Life Insurance Policy
Surrendering a life insurance policy with the Life Insurance Corporation (LIC) of India involves a structured…
6 min read
Are Your Mutual Funds Portfolios Overlapping? Here’s How to Tell
Building a well-diversified mutual fund portfolio is key to reducing risk and maximising returns. But many…
10 min read
Income Tax Slabs, Rates for FY2025-26, FY2024-25 Under the New Tax Regime and Old Tax Regime; Check How Much Tax You Have to Pay
Do you know which tax bracket you fall into for FY2024-25 or FY2025-26? You might feel…
7 min read
Understanding the dynamics of Individual Vs Family Floater Health Insurance
Meet the Kumar family: Mr. Kumar, aged 45 years, Mrs. Kumar, a youthful 42 years, and…
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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.
