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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.
9 min read
Decoding Taxation on Capital Gains
Gain insights into the intricacies of capital gains taxation and navigate the complexities of maximizing financial…
3 min read
How to Maximise Tax Benefits With Rental Income
Ever wondered if investing in rental properties could be a wise financial decision? While the potential…
3 min read
Investing Showdown: Real Estate vs. Stocks – Where to Put Your Money?
Join us as we unpack the 'Real Estate vs. Stocks' dilemma for Indian investors, guiding you…
4 min read
Exploring the Commercial Real Estate Terrain in India | “Temperament” by 1 Finance
In today’s dynamic world, commercial real estate investment in India stands as a booming sector, growing…
3 min read
Asset Allocation vs. Diversification: Differences and Importance
If you’ve ever explored the world of investing, you’ve likely encountered the terms asset allocation and…
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…
4 min read
What is Annual Information Statement (AIS)?
Tax filing season can often be stressful, with numerous forms and records to keep track of.…
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…
4 min read
Hallmark of a Balanced Portfolio: How to Strike the Right Equilibrium
Let’s today understand what we mean by a balanced portfolio and why we need to have…
5 min read
Importance of Liability Planning for Salaried Individuals
If you're a salaried individual, it's crucial to understand the importance of liability planning.
5 min read
Comprehensive Guide to Exchange-Traded Funds (ETFs): What You Need to Know
Exchange-Traded Funds (ETFs) have become increasingly popular investment vehicles in recent years, offering a hybrid between…
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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.
