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4 min read
Term Life Insurance: To Buy Early or Wait?
Like what you're reading? Get our latest, straight to your inbox. Subscribe to our newsletter…
8 min read
How to Invest in ETF in India: A Comprehensive Guide
Exchange Traded Funds (ETFs) are quickly becoming one of the most popular investment choices in India,…
5 min read
The Intersection of Insurance and Risk Management: Your Guide to Financial Security
In today’s fast-paced world, managing risk is more important than ever. Whether you’re protecting your family’s…
6 min read
What is HRA? Latest HRA calculation, how to claim HRA exemption for FY 2024-25
The House Rent Allowance (HRA) is an allowance that an employer offers to employees to help…
5 min read
A Unique Proposition of NFTs
Exploring the world of Non-Fungible Tokens (NFTs), this blog delves into their unique proposition in the…
1 min read
Real Estate in Hyderabad: Prices, Affordability and Future Trends
Hyderabad, historically known as the “City of Pearls,” has evolved into one of India’s most dynamic…
4 min read
How to Get Rid of Credit Card Debt
Credit card debt in India has been on the rise, leading to significant concerns. As of…
3 min read
Charting Your Financial Future: Mastering the Art of Goal Setting | Temperament by 1 Finance
The world of personal finance is often seen as daunting and complex. However, understanding and effectively…
4 min read
Understanding Claim Ratios in Health Insurance
Gain Insights into Health Insurance: Assess the Claim Settlement Ratio (CSR) for efficient claim settlement and…
3 min read
What Are Essential Safety Measures for Beginner Crypto Investors?
Embark on your cryptocurrency journey in India with our comprehensive guide, providing key safety tips and…
7 min read
Financial Strategies for People in Their 40s: How to Make the Most of Your Money?
If you're in your 40s and looking to improve your financial situation, this article is for…
4 min read
Received a Notice under Section 142(1)? Here’s what you need to know
It can be alarming to receive a notice from the Income Tax Department, but you can…
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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.
