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3 min read
Unknown Clauses About Life Insurance Policies to Watch
In India, life insurance has long been an emotional decision for families. It remains a push…
4 min read
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…
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…
4 min read
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…
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…
3 min read
Does Movement on the Stock Market Make Us Anxious?
There’s a scene in The Wolf of Wall Street where Matthew McConaughey’s character gives Leonardo DiCaprio’s…
3 min read
How the Hindsight Bias Clouds Your Financial Decisions
The choices we make on an everyday basis are influenced by several things — they reflect our…
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…
4 min read
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…
3 min read
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
Who Do You Trust to Give You Financial Advice?
It appears that everyone is talking about personal finance — watching ads during a cricket game…
3 min read
How Does Capital Gain/Loss Harvesting Help You Save Taxes?
Delve into the strategy of Tax Loss Harvesting with us, uncovering how savvy investors leverage capital…
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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.
