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3 min read
What is 100 minus age asset allocation strategy?
Financial advisors often treat asset allocation as the cornerstone of any solid investment strategy. While it…
Is It Too Late to Course-Correct My Finances in My 50s?
Dear Qualified Financial Advisor, Like what you're reading? Get our latest, straight to your inbox. Subscribe…
Estate Planning: A Guide to Leaving a Legacy, Not a Mess | Temperament by 1 Finance
In the world of financial planning, the conversation often revolves around wealth accumulation and management. However,…
New Year Resolution for 2024 : Why Personal Finance Should Be a Top Priority!
As another year slips away and we are all set to welcome a new one, it’s…
4 min read
Will and estate planning: How to smoothly transfer your legacy
Estate planning might sound like something only the high-net-worth individuals or ultra-high-net-worth individuals worry about, but…
4 min read
3 Key Features of Hedge Funds: Selective Access, High Reward, Less Transparency
Hedge funds often come wrapped in a layer of mystery. Whenever you hear the term you…
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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.
