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How the Hindsight Bias Clouds Your Financial Decisions
The choices we make on an everyday basis are influenced by several things — they reflect our…
3 min read
Safe Deposit Locker by 1 Finance: Unmatched Security, Access Available 7 Days a Week, No Investment Required
Important belongings such as legal documents, family jewelry, or personal keepsakes deserve more than just a…
3 min read
Micro Loans vs. P2P Lending
In today’s fast-evolving financial landscape, alternative lending options like Micro Loans and Peer-to-Peer (P2P) Lending are…
What Happens When a Parent Dies While You’re Young?
Many years ago, I came home from college one afternoon to find that my father had…
So You Like Art — But Should You Invest in It?
In March 2021, Mike Winkelmann, better known as Beeple, sold his work Everydays: The First 5000…
8 min read
How Much Do You Really Need to Save for Retirement?
Planning for retirement can be overwhelming, but our comprehensive guide breaks down exactly...
4 min read
Safeguarding Your Wealth for Future Generations: The Significance of Estate Planning and Liability
This post emphasizes the role of estate planning and liability in wealth management and securing a…
How to Spot Mis-Selling at the Financial Year-End
Financial year end often brings with it a flood of offers, promotions, and investment opportunities. While…
How Emotional Investing Triggers Bad Financial Decisions
Traditional financial theory assumes that investors with access to complete market information make decisions based on…
3 min read
Revolutionising Insurance with AI: Insights from Industry Leaders | Temperament by 1 Finance
The integration of Artificial Intelligence (AI) into the insurance sector marks a pivotal shift, promising to…
How Imposter Syndrome Sneaks Up on Your Finances
Call it a bias, a pattern or a habit, but at its most basic level, imposter…
6 min read
Term Insurance Unveiled: Covered vs. Uncovered Causes of Death
In this blog, we will explore the diverse scenarios of death that term insurance policies in…
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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.
