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6 min read
Retirement Income Planning: How to Make Your Savings Last?
Are you worried about running out of money in retirement? Our article on retirement income...
3 min read
Understanding Sector Funds: A Deep Dive into Niche Mutual Fund Investments
Explore the potential of sector funds as we demystify this overlooked, yet potent, category of mutual…
2 min read
What is Tier 1 NPS?
NPS is divided into Tier 1 and Tier 2 accounts, each serving different investment purposes. Tier…
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…
5 min read
Everything You Need to Know About Travel Insurance
As the holiday season approaches, millions of people are gearing up for memorable trips, whether it’s…
2 min read
Cold Wallet vs. Hot Wallet: Understanding the Key Differences
When storing cryptocurrencies, choosing the right type of wallet is crucial. There are two primary types:…
3 min read
Your 7 point Checklist for Retirement
When you retire, it is not only your income that stops! Retirement is not just a…
5 min read
5 Hidden Credit Card Charges That You Should Know About
Credit cards can be powerful financial tools when used strategically. However, hidden fees can accumulate rapidly,…
4 min read
Can ESG Funds Help Make the World a Better Place?
As capital markets have grown, so has the concern surrounding the impact of capitalism on the…
2 min read
Who Should Invest in NPS Balanced Life Cycle Fund?
The National Pension System (NPS) offers different investment strategies to help individuals plan for their retirement.…
4 min read
Unlocking the Benefits of Travel Insurance in India
Discover how Travel Insurance can safeguard your journeys and provide peace of mind while exploring India's…
4 min read
Navigating Income Tax & Taxation on Gifts Received in India
Understand taxable income basics and the taxation on gifts received. Navigate with confidence, ensuring compliance and…
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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.
