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4 min read
What is Stamp duty on Gift deeds?
When it comes to transferring property or assets, a gift deed is one of the most…
5 min read
Maximizing Credit Card Rewards: A Comprehensive Guide
Unlock the secrets of maximizing credit card rewards. Learn about cashbacks, reward points, and more. Make…
5 min read
Exploring the 4% Safe Withdrawal Rule for Retirement Planning in India
Retirement planning is an essential aspect of personal finance, ensuring that you have enough savings to…
7 min read
Why Typical Goal-Based Financial Planning Is Not Sufficient For Your Retirement
Imagine that it is the start of a slow, stress-free weekend where you’re sipping your morning…
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…
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…
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,…
3 min read
Don’t Start 2025 Without Answering These 5 Financial Questions
The end of the year is a natural time for reflection and planning. We think about…
6 min read
6 Factors to consider before Choosing Term Insurance
Life and Health Protection are the major two areas to look for in insurance planning; Life…
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…
8 min read
What are the Pros and Cons of Loan Refinancing?
Unlock the intricacies of loan refinancing in India to make well-informed financial choices with our comprehensive…
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…
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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.
