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Mayank

Mayank Chandel  |347 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on May 02, 2023

Mayank Chandel has over 18 years of experience coaching and training students for various exams like IIT-JEE, NEET-UG, SAT, CLAT, CA and CS.
Besides coaching students for entrance exams, he also guides Class 10 and 12 students about career options in engineering, medicine and the vocational sciences.
His interest in coaching students led him to launch the firm, CareerStreets.
Chandel holds an engineering degree in electronics from Nagpur University.... more
Asterlin Question by Asterlin on May 02, 2023Translate
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Career

My 12th PCM result is about to be released and I am thinking about pursuing btech... What career path should I follow to become successful as A robotics Engineer?

Ans: Hi Asterlin,
Robotics Engineer is a good choice, but we don't have colleges giving B.Tech degree in Robotics.

So Pursue a degree in robotics engineering (if available), electrical engineering, mechanical engineering, or computer science.

Gain practical experience in robotics by working on robotics projects, participating in robotics competitions, and interning at robotics companies.

Choose a specific area of robotics to specialize in, such as control systems, machine learning, or artificial intelligence. And work upon it thoroughly.

Learn programming languages such as Python, C++, and MATLAB, as well as control software and operating systems used in robotics.

Develop strong collaboration skills, as robotics engineering often involves working in teams with other engineers, designers, and programmers.


Keep up-to-date with the latest developments in robotics by attending conferences, reading research papers, and participating in online communities.

You have to be in daily learning mode & continuously improving you skills.

All the best.
Career

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As part of a couple in our early 30s, along with our elderly parents, we have a combined annual income of Rs 1.08 crores. How can we collectively plan for both our retirement and the financial well-being of our parents in the long run?
Ans: Balancing your financial needs and that of your parents, while planning for retirement, requires a comprehensive strategy. Here's a roadmap to get you started:

1. Understand your financial situation:

Gather information about:

• Income: List down your combined annual income (Rs 1.08 crore) and any other sources of income like rental income or investments.
• Expenses: Track your monthly expenses for a few months to understand your spending habits.
• Debts: List down any outstanding debts like mortgages, car loans, etc., including your parents' debts if applicable.
• Retirement benefits: Check your eligibility and potential benefits from social security or employer-sponsored retirement plans.
• Parents' needs: Estimate your parents' current and future financial needs, including healthcare costs.

2. Set retirement goals:

• Desired retirement age: Decide when you and your partner wish to retire.
• Desired lifestyle: Determine the lifestyle you envision in retirement, considering travel, hobbies, and potential healthcare needs.
• Financial goals: Based on your desired lifestyle and life expectancy, calculate the estimated corpus (total sum) required for your retirement. Consider inflation while making these calculations.

3. Create a financial plan:

• Debt management: Prioritise paying off high-interest debts to free up future income for savings and investments.
• Budgeting: Create a budget that allocates funds for essential expenses, savings, and debt repayments. You can involve your parents in creating a budget for their expenses as well.
• Savings and investments: Explore various investment options like mutual funds, PPF (Public Provident Fund), or NPS (National Pension Scheme) based on your risk tolerance and investment horizon. Utilize tax-advantaged retirement accounts like 401(k)s or IRAs if available to you.
• Healthcare planning: Consider health insurance plans for yourselves and your parents to manage potential medical costs in the future.

4. Open communication and support:

• Discuss openly: Have open and honest conversations with your partner and parents about your financial situation, goals, and expectations. This fosters transparency and builds trust within the family.
• Seek professional guidance: Consulting a financial advisor can help you create a personalized plan considering your specific financial situation and retirement goals. They can also guide you on investment strategies and risk management.

Additional considerations:

• Government schemes: Explore government schemes for senior citizens like the Senior Citizen Savings Scheme (SCSS) or the Pradhan Mantri Jan Dhan Yojana (PMJDY) that may benefit your parents.
• Downsizing: Consider downsizing your living situation or exploring alternative housing options in retirement to potentially reduce living expenses.
• Part-time work: If feasible, consider continuing part-time work in retirement to supplement your income and maintain an active lifestyle.

Remember, this is a general framework, and it's crucial to tailor it to your specific circumstances. Consulting a financial advisor can provide personalised guidance and ensure your financial plan considers all the complexities involved.
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Patrick

Patrick Dsouza  |62 Answers  |Ask -

CAT, XAT, CMAT, CET Expert - Answered on Mar 02, 2024

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