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2 min read
Safeguarding Investments: What Happens When a P2P Lending Platform Shuts Down in India?
In recent years, Peer-to-Peer (P2P) lending platforms have gained significant traction in India as a popular…
4 min read
Decoding Property Taxes: Expert Strategies for Indian Real Estate | Temperament by 1 Finance
Navigating the complex landscape of real estate taxation is more than just a necessity—it’s an art.…
5 min read
Do you really need the personal services of a legal professional to make a will?
Dive into the complexities of will creation in India, weighing the pros and cons of DIY…
4 min read
Is Buying a Home a Good Investment?
Dear Qualified Financial Advisor, Like what you're reading? Get our latest, straight to your inbox. Subscribe…
6 min read
4 ways to increase your credit score and get lower loan interest
Credit score plays a huge role when it comes to loan eligibility assessment. Learn how to…
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
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
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…
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
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
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
Income Tax and Rental Income: A Comprehensive Guide for Property Owners
Discover how income tax applies to rental income in our comprehensive guide for property owners, clarifying…
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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.
