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3 min read
How to Gradually Minimise Your Principal Amount
When taking out a loan, the principal and interest components are crucial factors to consider. Lenders…
3 min read
Claim Settlement Ratio: Is It Enough to Judge a Policy?
Source: IRDAI Annual Report, FY22, Public Disclosures of Insurer’s NL-37 Claims Data. Like what you're reading?…
3 min read
Tax Season and Financial Mis-Selling: What You Need to Know
Every year, as the financial year draws to a close, there’s one ritual most taxpayers perform—calculating…
4 min read
The Importance of Will Drafting: A Crucial Step Towards Financial Prudence
Understand the significance of will drafting as an essential measure towards achieving financial prudence.
3 min read
7 Out of 10 Indians Dream of Owning Their a House
Owning a home is a quintessential part of the Indian dream. A recent study reveals that…
5 min read
Income Tax and Rental Income: A Comprehensive Guide for Property Owners
Discover how income tax applies to rental income in our comprehensive guide for property owners, clarifying…
4 min read
Understanding Different Terms Related to Loans: A Comprehensive Guide
Navigating the world of loans can be complex, especially with the numerous terms and concepts involved.…
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…
2 min read
How to Compare Credit Cards using Scoring and Ranking Model
Choosing the right credit card can be a daunting task, given the plethora of options available…
9 min read
How to Choose the Right Retirement Investments for Your Goals?
Are you wondering how to choose the right retirement investments for your goals?
3 min read
PPF pre-mature withdrawal rules eased. Depositors to pay lesser penalty on pre-mature withdrawal
The Public Provident Fund (PPF) is a mainstay of long-term investment in India. There are several…
4 min read
Empowering Women in Finance: Beyond Stereotypes to Strength | Temperament by 1 Finance
In a world where financial empowerment is associated with independence, the journey to close the gender…
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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.
