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Mayank

Mayank Chandel  |1909 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jun 11, 2024

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
Saroja Question by Saroja on Jun 11, 2024Hindi
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Career

Sir my son has 93.79 jee mains with 100349 rank is there a chance to join nit or iiit

Ans: Hi Saroja
he will get colleges in CSAB Round not thru JOSAA.

the list is huge can't be shared here.
For professional help and a complete list of colleges where you can get admission, you can contact me through my Insta handle CAREERSTREETS, where we can work out what options you.
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Moneywize

Moneywize   |165 Answers  |Ask -

Financial Planner - Answered on Oct 06, 2024

Asked by Anonymous - Oct 05, 2024Hindi
Money
I’m from Pune. I’m 48 with two children. Should I invest in ELSS funds to save tax, or should I focus on traditional instruments like PPF and fixed deposits?
Ans: Deciding between Equity Linked Savings Schemes (ELSS) and traditional investment instruments like Public Provident Fund (PPF) and Fixed Deposits (FDs) depends on various factors, including your financial goals, risk tolerance, investment horizon, and tax-saving needs. Here's a comprehensive comparison to help you make an informed decision:

1. Understanding the Investment Options

a. ELSS (Equity Linked Savings Schemes)

• Nature: Equity Mutual Funds with a tax-saving component.
• Lock-In Period: 3 years (shortest among tax-saving instruments under Section 80C).
• Returns: Potentially higher returns as they are invested in equities, but subject to market volatility.
• Tax Benefits: Investments up to ?1.5 lakh per annum are eligible for deduction under Section 80C.
• Liquidity: Relatively higher liquidity post the lock-in period compared to other tax-saving instruments.

b. PPF (Public Provident Fund)

• Nature: Government-backed long-term savings scheme.
• Lock-In Period: 15 years.
• Returns: Moderate and tax-free returns, revised periodically by the government (typically around 7-8% p.a.).
• Tax Benefits: Investments up to ?1.5 lakh per annum qualify for deduction under Section 80C. The interest earned and the maturity amount are tax-free.
• Safety: Very low risk as it's backed by the government.

c. Fixed Deposits (FDs)

• Nature: Fixed-term investment with banks or post offices.
• Lock-In Period: Varies; typically no lock-in for regular FDs, but tax-saving FDs have a 5-year lock-in.
• Returns: Fixed interest rates, generally lower than ELSS but higher than savings accounts. Current rates vary but are around 5-7% p.a. for tax-saving FDs.
• Tax Benefits: Investments up to ?1.5 lakh in tax-saving FDs qualify for deduction under Section 80C.
• Safety: Low risk, especially with reputable banks.

2. Factors to Consider

a. Risk Appetite

• ELSS: Suitable if you are willing to take on market-related risks for potentially higher returns.
• PPF & FDs: Ideal for conservative investors seeking capital protection and guaranteed returns.

b. Investment Horizon

• ELSS: 3-year lock-in period, but generally better for medium to long-term goals.
• PPF: 15-year commitment, suitable for long-term goals like retirement or children's education.
• FDs: Flexible, but tax-saving FDs require a 5-year lock-in, suitable for medium-term goals.

c. Returns

• ELSS: Historically, ELSS funds have outperformed PPF and FDs over the long term, but with higher volatility.
• PPF: Offers stable and tax-free returns, which are beneficial in a low-interest-rate environment.
• FDs: Provide guaranteed returns, useful for capital preservation but may lag behind inflation and equity returns over time.

d. Tax Efficiency

• ELSS: Returns are subject to capital gains tax. Short-term (if held for less than 3 years) gains are taxed as per your income slab, while long-term gains (exceeding ?1 lakh) are taxed at 10%.
• PPF: Completely tax-free returns.
• FDs: Interest earned is taxable as per your income slab, which can reduce the effective returns.

3. Recommendations Based on Your Profile

Given that you are 48 years old with two children, your investment strategy should balance between growth and safety, considering your proximity to retirement and financial responsibilities.

a. Diversified Approach

A balanced portfolio that includes both ELSS and traditional instruments like PPF and FDs can help mitigate risks while aiming for reasonable growth.

• ELSS: Allocate a portion (e.g., 30-40%) to ELSS to benefit from potential equity growth, which can help in wealth accumulation for retirement or funding children's education.
• PPF: Continue contributing to PPF for long-term, stable, and tax-free returns. Given its 15-year tenure, it aligns well with retirement planning.
• FDs: Use FDs for short to medium-term goals or as a part of your emergency fund, ensuring liquidity and capital preservation.

b. Consider Your Tax Bracket

If you are in a higher tax bracket, maximizing tax-saving instruments under Section 80C can provide significant tax relief. ELSS, PPF, and tax-saving FDs all qualify, so diversifying among them can spread risk and optimize tax benefits.

c. Assess Liquidity Needs

Ensure you have sufficient liquidity for unforeseen expenses. While ELSS has a shorter lock-in compared to PPF, both still tie up funds for a few years. Maintain a separate emergency fund in a more liquid form, such as a savings account or liquid mutual funds.

d. Review Your Risk Tolerance

At 48, with retirement possibly 10-20 years away, a moderate risk appetite might be suitable. ELSS can offer growth potential, while PPF and FDs provide stability.

4. Additional Considerations

• Emergency Fund: Ensure you have 6-12 months' worth of expenses saved in a highly liquid form.
• Insurance: Adequate health and life insurance are crucial, especially with dependents.
• Debt Management: If you have any high-interest debt, prioritize paying it off before locking funds in fixed instruments.

5. Consult a Financial Advisor

While the above guidelines provide a general framework, it's advisable to consult with a certified financial planner or advisor. They can offer personalized advice tailored to your specific financial situation, goals, and risk tolerance.

Finally, both ELSS and traditional instruments like PPF and FDs have their unique advantages. A diversified investment strategy that leverages the strengths of each can help you achieve a balanced portfolio, ensuring both growth and security. Given your age and family responsibilities, striking the right balance between risk and safety is essential for long-term financial well-being.

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Kanchan

Kanchan Rai  |364 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 06, 2024

Asked by Anonymous - Aug 11, 2024Hindi
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Relationship
This is urgent. Pls help. My son 18 yrs has been in a relationship with his classmate. He is intelligent and very venerable as he is innocent.She has been abetting him and his behaviour on the family has changed. He shouts at us and kind of surrendered himself to her. Anything we say irritates him. He has started telling lies. He locks the room and is on the phone hours together. Even if he tells that he is sleepy, she doesn't allow him to sleep. He doesn't know that we are aware of it. We tried to indirectly talk but he doesn't care about anything as he blindly follows her instructions. He doesn't listen to anyone. We feel something is wrong. Should we talk to her parents or use some law? Making them sit and advice doesn't work.
Ans: The challenge here is that he’s likely in a highly emotional and intense phase of his life, where his attachment to this person may feel all-consuming. When someone feels like they're being judged or controlled, they tend to push back harder, and it seems that's what’s happening with your son. Approaching him with confrontation or involving legal measures may only cause him to withdraw even more.

What he needs right now, even if he doesn't realize it, is understanding and connection. If you can find a way to express your concern for his well-being, not just your disapproval of his relationship, it might open up a space for dialogue. He may feel trapped in this relationship in ways he can't yet see. Your role can be to help him feel safe enough to reflect on his own choices, rather than feel he has to defend them.

This is a delicate situation, and while it may seem urgent, sometimes a softer approach allows for a deeper breakthrough. Your patience, love, and ability to listen might be the key to guiding him through this

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Kanchan

Kanchan Rai  |364 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 06, 2024

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Relationship
Help me!!! 1.I'm starting new "work" on my own(challenging for me) but my mind says quit it, be quite & do nothing. I myself don't know that wether the result of work will be +ive or uncompleted like alws. 2. My mind has become like order seeker type, when someone orders me, I do those things with dedicated(but sad from inside) manner. But when myself will try something different(which i fear, but necessary) then. "I QUITS IT" & sometimes I don't even start. 3. I'm like stuck no clue what/whom I want to do in life, I'm in cllg(1 yr) doing (CSE) ,. 4. I want to do/try (sports,talking girls,study,stocks,coding..) many things, but myself, my thoughts(overthinker), R like just be in the place where u are[confused,po*n,think about past/future(being billio..re,olympics..), girl (that u liked & never talked), abusive/beating self,.. sometimes feels like end life, but don't hv courage for that also.. 5. I tried self help books, spirituality, god, self affirmation, writing... & thay affected me(sometimes) but for only some time, then again that devil me comes up &these things never get completed. As no one in my family knows about all these, so that's Y ,I hv to fight/loose/try again, the battles with myself. 6. Is there any way I can talk/chat 1 to 1 to U, so I can get more detailed & affective treatment/advice..
Ans: The key here isn't to focus on "doing everything" or even "doing it perfectly." It's about starting small, with manageable steps, and building trust with yourself that you can complete things. When we overthink, our mind creates these massive, overwhelming expectations that paralyze us. By breaking things down into smaller, more achievable actions, you give yourself the opportunity to build momentum, which in turn builds confidence.

Your mind may be craving structure and direction, which is why following orders from others feels easier. But when it comes to leading yourself, that fear creeps in because you’re stepping into uncertainty. It’s important to recognize that this fear is not a sign that you should quit — it’s actually a sign that you're stepping out of your comfort zone, which is where growth happens.

It's also okay to feel vulnerable or unsure about what you truly want from life, especially in your first year of college when everything is still unfolding. You're at a stage where exploring different interests and making mistakes is part of the process. It’s important to be kind to yourself in this phase, recognizing that it's okay to not have it all figured out yet.

I can sense the pain behind your words, especially with the thoughts you’re having about self-worth and even more distressing feelings. I want you to know that these thoughts, while deeply personal, are shared by many who feel overwhelmed or lost. You’re not alone in this, and there is always a way to break free from this cycle, but it requires a blend of compassion for yourself and small, committed action.

I’m here to support you as you navigate this. While I can’t do 1-on-1 real-time conversations, I'm always ready to guide you through these thoughts and help you find practical ways to move forward. You deserve to feel peace and purpose, and that starts with allowing yourself the grace to begin imperfectly.

...Read more

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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