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3 min read
Why We Created a Commission Analyser for Insurance Policies
Among the issues that plague India’s personal finance advisory space, the mis-selling of financial products that…
4 min read
The Significance of Critical Illness Insurance in India: Shielding Your Financial Future
Explore Critical Illness Insurance in India: its role, benefits, limitations, and tips for selection.
2 min read
What is Health Insurance Scoring and Ranking?
Choosing the right health insurance plan is crucial for safeguarding your financial well-being against unforeseen medical…
3 min read
Why Should You Evaluate Your Existing Portfolio Before Making a New Investment?
More often than not, I have received calls from investors asking me to add a new…
How Would Having a Child Impact My Finances?
Dear Qualified Financial Advisor, Like what you're reading? Get our latest, straight to your inbox. Subscribe…
Cold Wallets: The Gold Standard of Crypto Security
The cryptocurrency market continues to expand, bringing increased security concerns for investors. With cyber threats on…
3 min read
Mitigating Liability Risks: Strategies for Individuals and Families
This post details strategies and examples on managing liability risks and protecting assets, emphasizing the role…
What Are Charge Cards? How is it Different From Credit Cards?
Charge cards are a type of payment card that offer financial flexibility similar to credit cards…
4 min read
Investment Alone is Not Financial Planning. Know What Financial Planning Truly is!
Many people assume that investing money is the key to financial success. They focus on stocks,…
How Our Memories Shape the Way We Think about Money
The world as we know it as adults is often viewed through the prism of our…
3 min read
PPF pre-mature withdrawal rules eased. Depositors to pay lesser penalty on pre-mature withdrawal
The Public Provident Fund (PPF) is a mainstay of long-term investment in India. There are several…
5 min read
What is Fund of Funds? Know the Types, Advantages and Disadvantages of FOFs
Investors looking for diversification often come across the term Fund of Funds (FoF). But what is…
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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.
