{"id":12327,"date":"2022-06-10T15:27:35","date_gmt":"2022-06-10T09:57:35","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=12327"},"modified":"2022-07-14T16:57:07","modified_gmt":"2022-07-14T11:27:07","slug":"what-is-financial-planning","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/","title":{"rendered":"What is Financial Planning?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d2f36e5f701\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d2f36e5f701\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Understanding_the_different_types_of_financial_planning\" title=\"Understanding the different types of financial planning\">Understanding the different types of financial planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Here_are_eight_standard_services_that_are_generally_offered_as_part_of_financial_planning\" title=\"Here are eight standard services that are generally offered as part of financial planning\">Here are eight standard services that are generally offered as part of financial planning<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Creating_a_tax_strategy\" title=\"Creating a tax strategy:\">Creating a tax strategy:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Property_planning\" title=\"Property planning:\">Property planning:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Retirement_planning\" title=\"Retirement planning:\">Retirement planning:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Donations_planning\" title=\"Donations planning:\">Donations planning:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Planning_for_education_finance\" title=\"Planning for education finance:\">Planning for education finance:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Investing_strategy\" title=\"Investing strategy:\">Investing strategy:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Planning_for_insurance\" title=\"Planning for insurance:\">Planning for insurance:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Budgeting\" title=\"Budgeting:\">Budgeting:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Whats_Part_of_a_Comprehensive_Financial_Plan\" title=\"What&#8217;s Part of a Comprehensive Financial Plan?\">What&#8217;s Part of a Comprehensive Financial Plan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#How_Much_Do_Financial_Planning_Services_Cost\" title=\"How Much Do Financial Planning Services Cost?\">How Much Do Financial Planning Services Cost?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Tips_for_Your_Financial_Plan\" title=\"Tips for Your Financial Plan\">Tips for Your Financial Plan<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/ZgQaICITf1c\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Financial planning is the act of developing a future strategy that focuses on how you will handle your assets and predict all of your future expenses and obstacles.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This procedure involves assessing your existing financial condition, determining your objectives, and generating and executing appropriate suggestions. Financial planning is a broad term that sees customers as genuine individuals with a range of interests and obligations instead of concentrating on a specific area of their money.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Financial planning establishes a framework for accomplishing your life objectives in a systematic and planned manner while avoiding surprises and shocks. It has goals that include identifying capital requirements, formulating financial regulations, and ensuring that limited financial resources are used to their full potential.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\"><img loading=\"lazy\" class=\"size-large wp-image-13417 aligncenter\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-300x98.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-768x250.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022.jpg 1080w\" alt=\"Online Fixed Deposits on Kuvera\" width=\"640\" height=\"209\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_the_different_types_of_financial_planning\"><\/span>Understanding the different types of financial planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You may be able to get several services from a financial planner. These services will frequently be compared to one another. This aids the planner in putting up an overall strategy that considers all areas of your present condition and your future goals.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Here_are_eight_standard_services_that_are_generally_offered_as_part_of_financial_planning\"><\/span>Here are eight standard services that are generally offered as part of financial planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Creating_a_tax_strategy\"><\/span><span style=\"font-weight: 400;\">Creating a tax strategy:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"> Financial planners frequently assist customers with tax difficulties. They may also help you maximize your tax refunds while lowering your tax burden. Some consultants may be able to assist you with the preparation and filing of your annual taxes.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Property_planning\"><\/span><span style=\"font-weight: 400;\">Property planning:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Property planning aims to simplify things for your family members when you pass away. A financial planner&#8217;s services may include the preparation of a will. Property planning also aids in the preparation of any estate taxes that may apply.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Retirement_planning\"><\/span><span style=\"font-weight: 400;\">Retirement planning:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You might wish to retire someday. Retirement planning services can assist you in getting ready for that day. They ensure you have accumulated sufficient corpus to live the retired lifestyle you choose.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Donations_planning\"><\/span><span style=\"font-weight: 400;\">Donations planning:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">It is always good to help someone in need or support a cause you care about. With financial planning, you can ensure that you are doing so efficiently while receiving all the tax benefits you are entitled to.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Planning_for_education_finance\"><\/span><span style=\"font-weight: 400;\">Planning for education finance:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You might be able to assist your children in financing their education by mobilizing the corpus or taking some credit line sources through effective financial planning.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Investing_strategy\"><\/span><span style=\"font-weight: 400;\">Investing strategy:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">While financial planning does not involve asset management, it may help you build your portfolio by helping to identify the amount and kind of investments you should make.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Planning_for_insurance\"><\/span><span style=\"font-weight: 400;\">Planning for insurance:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A financial planner can assist you in determining your insurance requirements. Some financial advisers also have licensed insurance advisors. As a result, they can offer you insurance that is crucial for safeguarding your health or any other assets or financial resource.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Budgeting\"><\/span><span style=\"font-weight: 400;\">Budgeting:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This is perhaps the most crucial factor in financial planning. A planner can ensure that you are expending the appropriate amount for your income and not falling into <a href=\"https:\/\/app.kuvera.in\/explore\/mf\/c\/all\/debt\">debt<\/a>.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>For example <\/strong><span style=\"font-weight: 400;\">retirement planning, children&#8217;s future, house purchase, car purchase, international vacation, and starting a new business<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whats_Part_of_a_Comprehensive_Financial_Plan\"><\/span>What&#8217;s Part of a Comprehensive Financial Plan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Your money manager&#8217;s most important duty is to prepare a financial plan for you and your family. A fiscal plan is a detailed outline of the measures you will need to follow to reach the objectives you set for yourself. These goals might include funding your children&#8217;s college educations, donating to charity, saving for a happy retirement, or increasing the amount of money you leave to your children.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Your financial planner will help you develop a financial plan once they have discussed your objectives and requirements with you. Then, based on our discussions, they will provide a host of services to help you reach your goals, as described in the previous section.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Much_Do_Financial_Planning_Services_Cost\"><\/span>How Much Do Financial Planning Services Cost?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The price is mainly concerned with financial planning determined by the advisor you choose and their fee structure. Many financial consultants who provide financial planning services charge a fixed fee or an hourly rate. All financial planning consultations will cost the same when you pay a one-time payment. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The worth of your assets under the advisor&#8217;s control, and the nature of services in financial planning you require, will most likely determine your overall charge. Your adviser, you&#8217;ll be charged an hourly fee for each hour&#8217;s work they do for you.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A financial adviser or financial planner who provides personal finance and portfolio advising services may also charge a wrap fee. This implies that the advisor&#8217;s services, transactional fees, and custodial costs will be paid simultaneously. Wrap fees are usually calculated as a percentage of a client&#8217;s assets that are being managed.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A financial plan assesses different facets of your financial life and develops a plan to help you fulfill your commitments and achieve your goals. It may include tax preparation, estate planning, charitable planning, college financing planning, and other services. You might be charged an hourly rate, a fixed rate, or an asset-based cost.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tips_for_Your_Financial_Plan\"><\/span>Tips for Your Financial Plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Financial planning is essential, but doing it on your own may be scary. So it is crucial to connect with the financial advisors in your region. You may interview them for free to choose the best fit for you. Start looking for financial advisors today if you are ready to attain your financial aims.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Watch\/hear on YouTube:<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"EPF, PPF and VPF | Tax Saving Investments for Guaranteed Returns\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/dbxbBR7it10?list=PLDSzQdT9nLmBFD2p94O5p2pZ4vEUR-Thz\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/app.kuvera.in\/\">Kuvera.in<\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\">Direct Plans<\/a> and <a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a> and <a href=\"https:\/\/kuvera.in\/user\/login\">start investing today.<\/a><\/p>\n<p>#MutualFundSahiHai #KuveraSabseSahiHai!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; &nbsp; Financial planning is the act of developing a future strategy that focuses on how you will handle your assets and predict all of your future expenses and obstacles. &nbsp; This procedure involves assessing your existing financial condition, determining your objectives, and generating and executing appropriate suggestions. Financial planning is a broad term [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":12328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99,593],"tags":[603,45,52],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Financial Planning? - Kuvera<\/title>\n<meta name=\"description\" content=\"Financial planning establishes a framework for accomplishing your life objectives in a systematic and planned manner while avoiding surprises and shocks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/what-is-financial-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Financial Planning? 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