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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…
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
Beyond Traditional Pensions: Exploring Modern Retirement Planning Alternatives
This blog explores modern alternatives to traditional pensions for retirement planning in India, emphasizing diversification and…
4 min read
Understanding Different Terms Related to Loans: A Comprehensive Guide
Navigating the world of loans can be complex, especially with the numerous terms and concepts involved.…
3 min read
How to Apply for NPS
The National Pension System (NPS) is a government-backed retirement savings scheme designed to provide financial security…
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…
Cold Wallet vs. Hot Wallet: Understanding the Key Differences
When storing cryptocurrencies, choosing the right type of wallet is crucial. There are two primary types:…
3 min read
Claim Settlement Ratio: Is It Enough to Judge a Policy?
Source: IRDAI Annual Report, FY22, Public Disclosures of Insurer’s NL-37 Claims Data. Like what you're reading?…
3 min read
Tax Season and Financial Mis-Selling: What You Need to Know
Every year, as the financial year draws to a close, there’s one ritual most taxpayers perform—calculating…
Why We Believe There Are 3 Generations of Wealth Creators
The journey of cultivating, multiplying and accumulating wealth unfolds over several generations, and while it’s certainly…
4 min read
Super Top-Up Health Insurance
This blog delves into the critical aspects, benefits, and comparisons of Super Top-Up Health Insurance and…
Can ESG Funds Help Make the World a Better Place?
As capital markets have grown, so has the concern surrounding the impact of capitalism on the…
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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.
