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4 min read
Received a Notice under Section 143(1)? Here’s what it means
Receiving a notice under Section 143(1) is a routine part of the income tax return process.…
5 min read
Why paying the credit card minimum amount due is a debt trap and how to get out of it?
You have a credit card with a bill of ₹30,000 due. Your billing cycle ends on…
4 min read
Back to Basics with a Money Jar
For a freelance travel writer, there’s never enough travel. Assignments and hosted trips are all well…
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…
5 min read
NPS Investment for Additional Tax Deduction: Is it a Beneficial Choice?
This article assesses the pros and cons of investing in NPS for tax deductions, aiding informed…
4 min read
5 Reasons Why NPS Should Be Your Go-To Option for Retirement Planning
Are you looking for an investment that allows you to grow your hard-earned money with market-linked…
7 min read
Understanding Cancer Insurance: A Shield Against Uncertainty
In today’s world, health concerns are ever-present, with cancer being one of the most dreaded diagnoses.…
4 min read
“Benefits of Financial Well-Being for Businesses & Employees: A Guide”
Unlock the advantages of prioritizing financial well-being for both businesses and employees with this comprehensive guide.
3 min read
The Tussle Between Traditional and Behavioural Finance: A Historical Perspective
Explore the riveting clash of ideologies as traditional finance meets the innovative insights of behavioral finance…
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…
3 min read
How to Withdraw Funds from NPS Online
The National Pension System (NPS) is designed to provide long-term financial security, but subscribers may need…
6 min read
Multi-asset allocation fund vs. gold ETF: Which one to choose for gold exposure in 2025?
Like what you're reading? Get our latest, straight to your inbox. Subscribe to our newsletter…
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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.
