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4 min read
The Psychology of Wealth: Navigating Financial Success with Mindset Mastery | Temperament by 1 Finance
In a world increasingly focused on material wealth, understanding the psychological aspects of money is key…
4 min read
What Is An Emergency Fund? How Much Should Your Emergency Fund Be?
Most people in India are not financially prepared to tackle emergencies if they come up. From…
3 min read
Decoding a Will for a retail customer with the right questions
The discussion of “making a will” brings images of heavy paperwork, legal jargon, lawyers, hefty fees,…
3 min read
What is Arbitrage Fund?
Investors often seek safe and consistent options for parking their money, especially in volatile markets. One…
5 min read
Benefit of opting for the Old Tax Regime
When it comes to personal tax planning, taxpayers are often in a dilemma to decide whether…
5 min read
Important Terminologies Related to Income from House Property: Here’s What You Need to Know
Owning your dream house is not about just a place to call home but it also…
3 min read
What is Crypto Scoring and Ranking?
Navigating the dynamic world of cryptocurrencies, especially within the decentralised finance (DeFi) sector, can be challenging…
5 min read
How to Secure Your Family’s Future with Succession Planning?
Secure your family's legacy and peace of mind through effective succession planning.
4 min read
Why Term Insurance is a Pure Risk Protection Plan
In the bustling city of Mumbai, amidst the chaos of daily life, Rohan, a young professional,…
4 min read
Navigating the Claims Process: Tips for a Smooth Experience with Health Insurance in India
Navigating the claims process can be a daunting task for many individuals when it comes to…
5 min read
How to File an Income Tax Return?
After the digitisation of the ITR request procedure, filing your ITR has become easier than ever.…
5 min read
Portability in Health Insurance: Empowering Policyholders with Choice and Flexibility
Imagine you’re at a bustling train station, about to board a train to your next big…
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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.
