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Should I leave my government job and practice law at 49? I'm teaching and worried about income.

Inderpaul

Inderpaul Singh  |48 Answers  |Ask -

Leadership Coach - Answered on Feb 13, 2025

Major Inderpaul Singh (retired) served in the Indian Army for eight years.
In the year 2008, he moved to the corporate sector and worked with Century Plyboards for 14 years, specialising in people management and organisation improvement interventions.
He is currently employed as a partner with Amishrit Terrene Pvt Ltd, an IT solutions start-up located in Mohali, Punjab.
A certified life coach, he also helps students and individuals handle challenges in their personal and professional lives.
He holds a commerce degree from DAV College, Amritsar, and a post-graduate diploma in business administration from Symbiosis, Pune. ... more
SABU Question by SABU on Jan 03, 2025Hindi
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Career

sir I am at 49. A last grade employee under the govt. of kerala draws a salary total 35000. I have got three post graduation, BEd and LLB. I am faculty of English for competitive examination. I wish to quit the govt. job and practice law. will it be a wise decision. I have no other source of income except income from teaching. please advise me.

Ans: Hello Sabu
You have not mentioned your motivation to look for career change at this juncture of your life.
Is it out of passion, money or something else?
Idly, if one can afford, a parallel switch is most advisable & least disruptive. Means you should parallelly start small steps in new area & gradually switch over rather an abrupt one shot change.
As mentioned, deeper details of your thought process/circumstances will help a more precise revert.
All the Best !
Major Inderpaul
HR Expert, Career & Relationship Coach
Career

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Ramalingam

Ramalingam Kalirajan  |8165 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

Asked by Anonymous - Apr 24, 2024Hindi
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Dear sir, I am 56 years old with monthly expenses of 50000 rs with no loan pending. I have total family corpus including fd,mf and shares as 3 cr I want to leave my job with current CTC of 30 lacs. I will spend 40 lacs on my daughter's marriage. I will get small pension of 10000 rs Can I leave my job and do social work which I really enjoy
Ans: It's wonderful to hear that you're considering pursuing your passion for social work! Let's assess your financial situation to see if it supports your decision.

With a monthly expense of 50,000 rupees and no pending loans, you seem to have a manageable lifestyle. Your family corpus of 3 crores, including fixed deposits, mutual funds, and shares, provides a strong financial foundation.

Considering your daughter's upcoming marriage, allocating 40 lakhs from your corpus for the wedding is a thoughtful gesture. However, it's essential to ensure that this withdrawal doesn't significantly impact your long-term financial security.

Your small pension of 10,000 rupees per month adds to your income stream, albeit modestly. While it may not cover all your expenses, it can contribute towards your monthly needs.

Given your financial position and your desire to pursue social work, leaving your job with a current CTC of 30 lakhs is feasible. However, it's essential to have a detailed financial plan in place to ensure you can sustain your lifestyle and continue your social work without financial strain.

Before making the transition, consider consulting with a Certified Financial Planner to evaluate your retirement income sources, investment portfolio, and potential income-generating opportunities in social work. They can help you create a comprehensive financial plan that aligns with your goals and aspirations.

Remember, pursuing your passion for social work can be immensely rewarding, both personally and professionally. With careful planning and prudent decision-making, you can embark on this new chapter of your life confidently.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

..Read more

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Ramalingam Kalirajan  |8165 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Sep 28, 2024

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I am Sunil 36 years old male. I have my wife, daughter aged 4 and widow mother in my family who are dependent on me financially. I am a central government employee since last 18 years with a Salary of Rs 90000 per month. As I started earning at the age of 18 years, I wish to retire from my current organisation in June 2026 after 1 year and 9 months. I will be getting around Rs 50,00,000 at the time of retirement which includes my Provident fund and Leave encashment. I will get a monthly pension of Rs 30000 after that. Our current monthly expenses are Rs. 35000. I own a house but it requires some work which may cost around 20 Lakh from my retirement fund and I will be left with 30 Lakhs in hand after retirement in June 2026. I will have around 3 Lakh in Mutual Funds till that time and have Sukanya Smridhi Yojna for my daughter which is amount 118000 now and i am contributing Rs 2500 per month in that. I and my wife own Gold in the form of jewellery amounting to Rs 5 lakh (current value). I wish to know regarding am I taking a correct decision by leaving the govt job at the age of 38 ? Next I am willing to work in some other Organisation if I found it interesting. Thanks in advance for suitable advice.
Ans: Your situation is unique because you’ve started earning early and have built a solid foundation. Retiring at 38 is an ambitious goal, and it’s important to evaluate the long-term financial and lifestyle impact carefully.

1. Financial Preparedness for Early Retirement
You’ll receive Rs 50 lakh upon retirement, with Rs 20 lakh allocated for house repairs, leaving Rs 30 lakh. You will also receive a monthly pension of Rs 30,000, while your current expenses are Rs 35,000 per month. Let’s explore how this balance plays out.

Gap in Income and Expenses: Your pension will cover Rs 30,000 of your Rs 35,000 expenses. This leaves a gap of Rs 5,000, which might seem small, but over the long term, it can create pressure on your savings. Inflation will also push your monthly expenses higher.
Emergency Buffer: With Rs 30 lakh in savings after house repairs, you’ll need to make sure that these funds grow over time and aren’t depleted too quickly. If your monthly expenses grow due to inflation or unforeseen events, you may need to rely on this corpus sooner than expected.
It’s essential to plan for inflation and future financial needs. You may want to continue building your investment portfolio to ensure it grows in line with inflation.

2. Pension and Investment Strategy Post-Retirement
After retiring, you will still have around Rs 30 lakh, a pension of Rs 30,000, and Rs 3 lakh in mutual funds by 2026. Here’s what you can do to optimize your financial situation:

Investment of Retirement Corpus: After using Rs 20 lakh for house repairs, the remaining Rs 30 lakh should be invested wisely. Since you will still have a long time horizon post-retirement, consider investing a part of this amount in a mix of equity mutual funds and debt funds. Equity will help your money grow faster, while debt can provide stability.
Sukanya Samriddhi Yojana for Daughter’s Education: Your existing contribution of Rs 2,500 per month is a good move for your daughter’s future. This investment will grow over time, helping you meet her educational needs without straining other parts of your finances.
3. Evaluating Future Employment Opportunities
You mentioned that you are open to working in another organization if you find it interesting after retirement. This is a prudent approach:

Bridging Financial Gaps: If you find another job, even a part-time role, the extra income can help bridge the Rs 5,000 gap in your pension and expenses. It would also reduce the need to dip into your Rs 30 lakh corpus too early.
Flexibility and Job Satisfaction: Retirement doesn’t have to mean stopping work entirely. Finding a job or consultancy role that excites you can offer flexibility and satisfaction without the pressure of a full-time commitment.
4. Expenses and Financial Goals
Your current monthly expenses are Rs 35,000, which seems manageable within your pension and investment returns. However, you should consider these points for future financial security:

Children’s Education Costs: Your daughter is only 4 years old now, but her educational expenses will increase over time. Planning ahead for this increase, either through targeted investments or dedicated funds like Sukanya Samriddhi Yojana, will be crucial.
House Repair and Lifestyle Costs: Allocating Rs 20 lakh for house repairs is a significant expenditure. Make sure you have accounted for all repair costs, including possible overruns. Also, consider how any lifestyle changes post-retirement (such as travel or hobbies) may impact your financial plan.
5. Inflation and Long-Term Planning
Over the next few decades, inflation will erode the value of your pension and savings if not managed properly. Here’s how to counteract this:

Equity Investments for Growth: Since you’re retiring early, your retirement fund needs to last several decades. A portion of your Rs 30 lakh corpus should be invested in equity mutual funds to beat inflation. Consider actively managed funds for better returns in the long run.
Debt for Stability: While equity investments are important for growth, it’s also crucial to have some stability in your portfolio. A portion of your funds should be invested in debt mutual funds or fixed-income instruments for predictable returns and low risk.
6. Avoiding Over-Reliance on Pension
While your pension of Rs 30,000 will cover most of your monthly expenses, you cannot rely solely on it for the long term. With inflation increasing expenses, the Rs 30,000 may not be sufficient in 10 or 15 years.

Supplementing Pension with Investments: By carefully investing your Rs 30 lakh corpus and building a balanced portfolio, you can generate additional income to supplement your pension. This way, you won’t have to worry about future shortfalls in your monthly expenses.
7. Gold as a Financial Asset
You own gold worth Rs 5 lakh, which is a good backup asset. However, gold should be viewed more as an emergency resource rather than a primary investment.

Avoid Over-Reliance on Gold: While gold can provide financial security, it doesn’t generate income or high returns over time like mutual funds or other growth investments. Keep this gold for future needs or emergencies, but don’t depend on it for regular expenses.
8. Considering Long-Term Financial Security
Since you’ll be retiring at a young age, it’s important to think about long-term financial security:

Health and Insurance Costs: With early retirement, medical expenses could become significant over time. Ensure you have adequate health insurance for yourself and your family. Consider a term life insurance policy to protect your dependents in case of any unforeseen event.
Building Emergency Fund: You’ll need to set aside a part of your Rs 30 lakh corpus for emergencies. This fund should cover at least 6 to 12 months of expenses, including unexpected health or lifestyle costs.
9. Active vs. Passive Investments
When investing the remaining Rs 30 lakh, it’s better to avoid passive investment options like index funds, which merely track the market. You’ll need more active management to ensure consistent growth, especially considering your early retirement.

Disadvantages of Index Funds: Index funds can underperform during bear markets since they mirror the entire market. Actively managed funds can adapt and outperform under changing market conditions. Given your situation, an actively managed portfolio will be more beneficial in delivering higher returns over the long term.
Final Insights
Sunil, your decision to retire at 38 is bold and achievable with the right planning. You’ve built a strong financial base, but there are key steps to ensure that your retirement is smooth and stress-free.

Invest your Rs 30 lakh corpus in a mix of equity and debt mutual funds to ensure both growth and stability.
Supplement your pension with additional income, either through part-time work or investment returns.
Plan for inflation, future expenses, and emergencies with a diversified investment strategy.
Keep your financial goals in mind, continue contributing to your daughter’s education fund, and ensure that your family’s long-term security is well-protected.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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What are the chances to get merit out in afcat for flying branch if you've cleared all stages till medical but with a slightly average written marks?
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Whenever we decide to take an entrance exam, it’s important to review the guidelines thoroughly. Like other entrance exams, CDAC has provided details on their website regarding the examination process. Admission is based on the vacancies available in the respective areas, and candidates will be admitted after a proper evaluation.

As you mentioned, there are several stages that candidates must clear for admission, if a candidate achieves average marks (Point 8a. (v) In order to rationalise the marks scored by candidates appearing in different shifts in an objective manner through a statistical method, before declaration of result marks scored by candidates will be Normalised based on the formula ), it can be challenging to predict their likelihood of admission. The Air Force has the discretion to set qualifying marks for any or all subjects of the examination. Below are points extracted from CDAC to provide more clarity about the admission process.

Sometimes, they may even consider a second cut-off if necessary ( Based on organizational requirements, IAF may impose a second cut-off for particular branch and call additional eligible candidates for SSB testing. These candidates will be shortlisted purely based on order of merit for the particular branch. That particular branch should be one of the choices submitted by the candidate at the time of registration. The candidature of candidates thus shortlisted, will be valid for that particular branch only and not for any other branch. In the overall Order of Merit, they will be placed below the last candidate qualifying the First AFCAT cut off marks {Para 9(a) above}. If successful in the selection process, these candidates will be inducted into that particular branch only, subject to vacancies and order of merit. These candidates would be required to submit an undertaking to this effect).

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My daughter scored 94.62 percentile in IIT JEE mains exam 2025 session 1. She belongs to general category. Which colleges she have chances to get admission
Ans: Dr, Here is, How to Predict Your Daughter's Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Once the January JEE Main session results are declared, many students and JEE applicants start asking common questions about eligibility for specific institutes (NITs, IIITs, GFTIs, etc.) based on their percentile, category, preferred branch, and home state.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Daughter's Admission Chances Using JoSAA Data
Step 1: Collect Your Daughter's Key Details
Before starting, note down the following details:

Her JEE Main percentile
Her category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Her Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your daughter's admissions!

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