1 Finance Blog
Discover financial wisdom on our blog for expert insights on personal finance, investing, and money management.
Making Sense of Money on the Therapist’s Couch
Ask him to help. You need the money. You don’t ask. Instead: panic, anxiety, irritable bowel…
5 min read
Tax Season : Aligning Insurance Choices with Holistic Financial Wellbeing
As we approach tax season, it is imperative to consider the critical link between tax planning,…
3 min read
Increasing Contribution Calculator: How Annual Investment Increases Affect Wealth Accumulation Over Time
When it comes to wealth accumulation, consistently increasing your investment contributions can have a significant impact.…
3 min read
What it Means to borrow on a P2P Lending platform
Peer-to-peer (P2P) lending is transforming the way individuals access loans and credit. This innovative model provides…
4 min read
The Emotional Essence of Home: To Own or To Rent? | Temperament by 1 Finance
Imagine a world where every major decision is not just a calculation but a journey through…
4 min read
Why Will Drafting is the Most Important Piece in Your Financial Planning Jigsaw!
Discover the importance of drafting a will as a pivotal aspect of financial planning, ensuring that…
How Soon Can I Retire?
Dear Qualified Financial Advisor, Like what you're reading? Get our latest, straight to your inbox. Subscribe…
5 min read
Things to Consider Before Filing Revised Income Tax Return
Introduction With all the hubbub around filing income tax returns before the 31st of July, 2024,…
It Gets Worse Before It Gets Better
It was a grim evening. I was reading and re-reading a piece of text that I…
The Treasures We Hold Close
How do you ascribe value to an object? Is it how much money it cost? Or…
6 min read
ESOPs and Their Taxation
As the startup ecosystem is growing in India, companies often offer ESOPs or similar compensation plans…
4 min read
The Significance of Critical Illness Insurance in India: Shielding Your Financial Future
Explore Critical Illness Insurance in India: its role, benefits, limitations, and tips for selection.
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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.
