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3 min read
How to Be Debt Free Without Compromising Retirement
In today’s fast-paced world, especially in India, people of all ages, particularly young adults, are turning…
3 min read
Fund Transfer Mechanisms in P2P Lending Platforms
Central to the functioning of P2P lending platforms is the seamless transfer of funds between lenders…
4 min read
Alternative Investments to Fixed Deposits as FD Interest Rates Begin to Drop
Banks have started reducing interest rates on fixed deposits (FDs) since the Reserve Bank of India…
4 min read
Tax Benefits for Senior Citizens: A Comprehensive Guide
Navigating complex income tax rules can be challenging, especially for individuals in the later stages of…
4 min read
How Our Commission Analyser Helps Review Your Mutual Funds
In India, financial products aren’t always sold to you in your best interests. Mis-selling is rampant,…
4 min read
How Financial Planning Can Help you?
When it comes to dreaming about a life well lived, personal finance can’t be ignored. Think about…
5 min read
Maximizing Tax Benefits on Medical Expenditures: Understanding Sections 80D, 80DD, and 80DDB
Introduction As individuals, we are all too familiar with the ever-increasing costs of medical expenses. Whether…
8 min read
How Does Tax Filing Works
This article provides essential tips for timely and accurate income tax return filing to avoid notices,…
3 min read
How to File Income Tax Return Online?
Introduction Whether you’re a salaried individual or a self-employed businessperson, the Indian Income Tax Act, 1961,…
10 min read
How to Manage Your FDs, Loans, Equities, and Real Estate After the RBI Repo Rate Cut of 25 Bps
The Reserve Bank of India has cut the repo rate by 25 basis points once again,…
3 min read
Mastering Personal Loans: Your Ultimate Guide to Financial Flexibility and Smart Borrowing | Temperament by 1 Finance
In an era where financial flexibility is more important than ever, personal loans emerge as the…
3 min read
Understanding Sector Funds: A Deep Dive into Niche Mutual Fund Investments
Explore the potential of sector funds as we demystify this overlooked, yet potent, category of mutual…
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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.
