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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?…
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…
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:…
4 min read
Understanding Hybrid Mutual Funds: Exploring Types and Benefits
Explore the versatility of Hybrid Mutual Funds, from their diverse categories to the benefits they bring…
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…
5 min read
Why paying the credit card minimum amount due is a debt trap and how to get out of it?
You have a credit card with a bill of ₹30,000 due. Your billing cycle ends on…
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…
4 min read
Empowering Women in Finance: Beyond Stereotypes to Strength | Temperament by 1 Finance
In a world where financial empowerment is associated with independence, the journey to close the gender…
5 min read
5 Hidden Credit Card Charges That You Should Know About
Credit cards can be powerful financial tools when used strategically. However, hidden fees can accumulate rapidly,…
6 min read
How to choose your first credit card in 2025
Credit cards have quietly become a part of everyday life. What was once seen as a…
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.
