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50 Year Old Starting a Career in Digital or AI: What Steps Should I Take?

Kasam

Kasam Shaikh  | Answer  |Ask -

AI Tech Expert - Answered on Jul 15, 2024

Kasam Shaikh is an experienced artificial intelligence professional and the founder of Dear Azure, an online community that specialises in Microsoft Azure, a cloud computing platform.
He has been honoured with Microsoft's AI award three years in a row.
Kasam is working as a senior solution architect at Capgemini, a French multinational information technology services and consulting company, and has authored five books on Azure and AI technologies.
A trainer, public speaker and mentor, Kasam is active on YouTube and LinkedIn where he shares his knowledge and counsels aspiring professionals on how to upskill and train in the latest cloud and AI technologies.
Kasam holds a bachelor's degree in computer science from Birla College, Kalyan, and has completed multiple certifications in cloud and generative AI from Microsoft.... more
Asked by Anonymous - Mar 10, 2024Hindi
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Hi I am 50 year old wanted to start a career in digital world or something related with AI...please advice

Ans: Starting a career in the digital world or AI at 50 is absolutely possible. Begin with online courses on platforms like Coursera, Microsoft Learn, or Udacity to build foundational knowledge. Focus on practical projects and Fundamentals certifications in areas like AI, data science, or digital marketing. Networking and staying updated with industry trends will also be beneficial. Best of Luck, Happy Learning!
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How to finish home loan faster
Ans: Paying off your home loan early while building wealth requires strategic planning. A parallel SIP in equity mutual funds can complement your goal by leveraging market growth over the long term. Here's a detailed approach:

1. Start a SIP in Equity Mutual Funds
Invest monthly in a diversified equity mutual fund for a period of 7+ years.
Equity funds historically offer higher returns over long periods, outpacing home loan interest rates.
Align your SIP amount with your financial capacity, ensuring consistency.
2. Time the Loan Closure with SIP Maturity
Use the maturity value of the SIP to make a lump sum prepayment towards your loan.
Ensure the investment horizon of the SIP is long enough to mitigate market volatility.
A 7-10 year SIP period can yield significant growth due to the power of compounding.
3. Continue Regular EMI Payments
Maintain your regular EMIs while running the SIP.
Do not compromise on timely loan payments to avoid penalties.
The parallel strategy reduces your loan tenure effectively when executed with discipline.
4. Focus on High-Interest Loan Years
Prepayments made during the initial years have the highest impact on interest savings.
Coordinate your SIP maturity during this time to maximise loan repayment benefits.
5. Leverage Tax Benefits on Both Ends
Claim tax deductions under Section 80C and Section 24(b) for home loan payments.
Equity mutual funds held for over a year qualify for long-term capital gains tax benefits.
Use the tax savings to either increase your SIP or make additional prepayments.
6. Step-Up Your SIP Amount Annually
Increase your SIP amount by 10-15% every year to match income growth.
A higher SIP contribution accelerates wealth accumulation for loan repayment.
7. Avoid Premature Withdrawal from SIP
Do not redeem SIP investments prematurely unless used for loan closure.
The longer you stay invested, the higher the growth potential.
8. Track Loan Tenure and SIP Performance
Regularly review your loan outstanding and SIP performance.
Align your repayment strategy with market conditions and financial goals.
9. Focus on Financial Discipline
Avoid new liabilities while managing your home loan and SIP.
Stick to a budget that prioritises both EMI payments and SIP contributions.
10. Plan for Surplus Investments
Channel any bonuses, tax refunds, or additional income into either SIPs or loan prepayments.
Small additional investments can significantly enhance your repayment capability.
Final Insights
Starting a parallel SIP in equity funds while paying regular EMIs creates a structured pathway to close your home loan early. Over time, the compounded growth from your SIP can ease the financial burden of a lump sum loan prepayment. This balanced strategy ensures financial growth and reduced debt simultaneously.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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