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2 min read
Understanding CAGR and XIRR: Which One Should You Use to Calculate Investment Returns?
The objective of any investment is to generate returns, and while calculating the returns, investors come…
4 min read
Navigating Income Tax & Taxation on Gifts Received in India
Understand taxable income basics and the taxation on gifts received. Navigate with confidence, ensuring compliance and…
3 min read
Difference Between Belated ITR and Revised ITR
Introduction While most people around you might have successfully filed their Income Tax Returns for the…
9 min read
How to Choose the Right Retirement Investments for Your Goals?
Are you wondering how to choose the right retirement investments for your goals?
8 min read
How Does Tax Filing Works
This article provides essential tips for timely and accurate income tax return filing to avoid notices,…
4 min read
The Importance of Will Drafting: A Crucial Step Towards Financial Prudence
Understand the significance of will drafting as an essential measure towards achieving financial prudence.
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…
4 min read
The Benefits of Financial Well-Being for Businesses and Employees in India: A Comprehensive Guide
Explore the mutual benefits of financial well-being for businesses and employees in India, from increased productivity…
6 min read
Retirement Income Planning: How to Make Your Savings Last?
Are you worried about running out of money in retirement? Our article on retirement income...
3 min read
How to Gradually Minimise Your Principal Amount
When taking out a loan, the principal and interest components are crucial factors to consider. Lenders…
4 min read
Home loan interest rate cut: Reduce EMI or home loan tenure, which option will save you more?
Since the recent repo rate cut of 50 basis points by the RBI, several banks have…
5 min read
What Are ETFs? How ETFs Work? and What are Types of ETFs?
As of December 31, 2024, the Indian mutual fund industry’s Assets Under Management (AUM) reached ₹66.93…
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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.
