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7 min read
How to Calculate Credit Card Interest
Credit cards can be incredibly convenient for making purchases and managing expenses, but they come with…
3 min read
Understanding Credit Scores and Their Importance in Personal Loans
In the world of personal finance, few things carry as much weight as your credit score.…
6 min read
Asset allocation : Why macroeconomics matters
While building a personal finance plan, one of the biggest decisions you’ll face is how to…
7 min read
How to Invest in Mutual Funds
“Mutual funds were created to make investing easy, so consumers wouldn’t have to be burdened with…
7 min read
Health Insurance- Shield for your medical emergencies
The adage "Health is Wealth" is well known. With the breakout of COVID-19, which shook each…
5 min read
Understanding Pet Insurance: Key Insights for Every Pet Owner
Throughout history, humans have shared a deep bond with animals, welcoming them into their homes and…
5 min read
What is a REIT in India and How Can You Invest in REIT?
Imagine owning a piece of premium commercial real estate in Mumbai, Bangalore, or Delhi—without shelling out…
4 min read
Understanding Blockchain: The Technology Revolutionizing Industries
Blockchain: the transformative technology powering decentralized networks with secure and transparent transactions.
3 min read
How do Credit Cards Work
In today’s fast-paced, digital world, credit cards have become an indispensable financial tool for millions of…
6 min read
ESOPs and Their Taxation
As the startup ecosystem is growing in India, companies often offer ESOPs or similar compensation plans…
7 min read
HDFC Infinia Credit Card benefits, rewards, eligibility, annual fee and other key features
The HDFC Infinia Credit Card offers a metallic card design, unlimited airport lounge access worldwide for…
8 min read
How to Compare Credit Cards
Credit cards—often viewed as a great tool of convenience by some due to their ease of…
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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.
