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4 min read
How to Claim Deductions While Filing Your Taxes?
This blog post focuses on four key sections of the Indian Income Tax Act—80C, 80CCC, 80CCD,…
4 min read
Navigating the Financial Terrain of Relationships | “Temperament” by 1 Finance
In the ever-evolving dynamics of relationships and finance, achieving harmony between love and money management is…
3 min read
What to Keep in Mind While Building Your Financial Plan
Financial wellness — which means ensuring that your finances are in line with your financial circumstances…
3 min read
What Your Net Worth Tells Us About You
Your net worth — i.e. your assets minus your liabilities — is by no means the sole…
3 min read
What You Need to Create a Safety Net
We’ve often heard the adage that it is prudent to set aside some money ‘for a…
4 min read
How Do You Ask for the Raise You Deserve?
It’s easy to fall into a financial rut in any profession – but especially so in…
4 min read
The Benefits of Being a Budget Bride
When I was 27, my salary account had a monthly cycle. Full on the first, inexplicably…
4 min read
Is Crypto for Everyone?
Crypto coins rank among the most popular investment options today, but they’ve also emerged as a…
3 min read
Embracing Financial Minimalism: A Path to Serenity | Temperament by 1 Finance
Dive into the world of financial minimalism with the latest episode of “Temperament” by 1 Finance,…
4 min read
It’s OK to Want More Money
The way we think about money, and what we do with it, tends to be shaped…
2 min read
What is Tier 2 NPS?
Tier 2 NPS is a voluntary savings account that offers flexibility in withdrawals, unlike the Tier…
4 min read
Can I Achieve Financial Freedom by 45?
Dear Qualified Financial Advisor, Like what you're reading? Get our latest, straight to your inbox. Subscribe…
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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.
