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Rohit

Rohit Gupta  |57 Answers  |Ask -

Edtech/Online Education Expert - Answered on Feb 07, 2024

Rohit Gupta is the co-founder and COO of College Vidya, a one-stop solution for making informed online education choices.
Rohit is a first-generation entrepreneur who currently leads the company’s marketing and operations department.
A TEDx speaker, he was honoured with the ET Leadership Excellence Award 2022 for his effort in helping shape the lives of over 90,000 students through his platform.
Rohit is passionate about the potential of online education and is on a mission to democratise access to quality education and career opportunities.
He completed his schooling from Scholars Home in Dehradun and holds a bachelor’s degree in commerce from Deshbandhu College, Delhi.
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Anath Question by Anath on Oct 31, 2023Hindi
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Hi,I am Anath Bandhu Gayen. I am 28 years old. My education qualification is higher secondary pass. I am working in a bank as a casual outsourcing staff (RBO-II,SBI Bank). I am learning English language. My income is 8000 rupees per month. I want to be rich what can I do?

Ans: Hello Anath, it's commendable that you're working hard and seeking ways to improve your situation. To increase your income and work towards financial prosperity, consider the following steps:

1. Education and Skills Development: Since you're already learning English, continue to invest in your education and skill development. Consider pursuing further education or vocational training programs that can enhance your qualifications and open up better job opportunities.

2. Career Advancement: Explore opportunities for career advancement within the banking sector. Work on gaining experience, acquiring new skills, and demonstrating your value to your employer. Seek promotions or apply for higher-paying positions within your organization or other banks.

3. Side Hustles and Additional Income Streams: Find ways to generate additional income outside your primary job. This could involve starting a small business, freelancing, or investing in income-generating assets such as stocks, real estate, or online businesses.

4. Financial Management: Practice sound financial management by wisely budgeting, saving, and investing. Learn about personal finance and wealth-building strategies to maximize earnings and long-term wealth.

5. Networking and Mentorship: Build relationships with successful individuals in your field or industry who can offer guidance, support, and mentorship. Networking can open doors to new opportunities and valuable connections.

Remember, achieving financial success takes time, dedication, and constancy. Stay focused on your goals, continue to learn and grow, and be proactive in pursuing opportunities for advancement and income growth.
Asked on - Feb 12, 2025 | Not Answered yet
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Ramalingam

Ramalingam Kalirajan  |8189 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 11, 2025

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Sir , i need financial advise I am from kashmir we are financially poor we are depends on agricultural sector but unfortunately my father dies and i became a alone man in my family. So can you tell me how. I can get out from this to become rich . I àm 18 yrs old student so i became depresed day by day for poor financial condition. And i want to become a rich so i took in 11th commerce stream that can give me a knowledge about business.
Ans: I appreciate your determination to improve your financial situation. At 18, you have time to build a strong foundation for your future. Below is a step-by-step guide to help you move toward financial stability and eventually achieve wealth.

1. Focus on Education and Skill Development
Since you are studying commerce, learn practical skills in finance, business, and entrepreneurship.
Improve your English, communication, and problem-solving skills.
Consider free online courses in business, marketing, and technology. Websites like YouTube, Udemy (free courses), and Coursera can help.
2. Choose a Career or Business Path
You have two main paths: Job (Career) or Business (Entrepreneurship).

A) Career Path – Get a Job and Earn First
After 12th, choose a degree that gives good job opportunities, like B.Com, BBA, CA, or digital marketing.
If college is expensive, learn job-oriented skills like coding, graphic design, video editing, or freelancing.
Work part-time while studying to gain experience and earn money.
B) Business Path – Start Small & Grow
Since you are from an agricultural background, you can start a small agribusiness like organic farming, dairy farming, or selling farm products online.
If you are interested in business, learn about dropshipping, affiliate marketing, or e-commerce (Amazon, Flipkart, etc.).
Start a side hustle, like reselling products, tutoring students, or working as a freelancer.
3. Earn and Save Money
Once you start earning, save at least 20-30% of your income.
Avoid spending on unnecessary things like expensive clothes, gadgets, or parties.
Keep an emergency fund for unexpected expenses.
4. Invest and Grow Your Wealth
Once you save some money, invest in mutual funds and stocks for long-term growth.
Start small and learn about investing before putting in large amounts.
Avoid scams and get-rich-quick schemes. Wealth takes time to build.
5. Stay Mentally Strong and Keep Learning
Tough times don’t last forever. Stay positive and work hard.
Read books about successful entrepreneurs and financial management.
Surround yourself with people who support and motivate you.
Final Thoughts
Focus on learning and developing practical skills.
Start earning through a job or business.
Save and invest wisely to grow wealth over time.
Stay patient and disciplined. Success takes time.
Your journey may be difficult, but with the right mindset and consistent effort, you can improve your financial situation.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

..Read more

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Milind

Milind Vadjikar  |1152 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Apr 04, 2025

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Sir, Age: 26 Subject: NPS ( National Pension Scheme) Scheme Choice : LC 75 ( Aggressive Auto Choice) Tier : Tier 1 Pension Fund: ICICI Prudential Pension Fund Current value of scheme : Rs. 57927/- Investing Rs. 5600/- on a monthly basis My goals: Want my portfolio to beat inflation and provide a pension of Rs. 1 lakh monthly ( in hopes that beating inflation value of Rs. 1 lakh does not decrease over time) Time horizon : 34 years Questions: 1. Sir will my NPS scheme beat inflation? 2. Is the Pension Fund ( ICICI Prudential) a good choice or should I shift? 3. Will one lakh pension after 34 years be enough to support my lifestyle? (Assuming that everything pans out smoothly) 4. Judging by today's tax law income up to 12 lakh p.a. is non taxable, will I be taxed on my pension still if the law remains as is? (Hypothetical question) My details : 1.Unmarried, never planning on marriage or kids ever. 2.Current utility bills amount to Rs. 15,000 per month 3. Other expenses Rs. 5-7k per month. 4. I have other investments too, but I want to know if I can rely on NPS in old age or not. With this information alone, is retirement with NPS feasible?
Ans: Hello;

Your current expenses add upto 22 K per month.

After 34 years this amount will be 1.6 L per month considering 6% inflation.

This would need a corpus of 5-6 Cr.

Your current investment would fetch you around 1.2 Cr which is quite low.

You need to invest minimum 25 K per month in NPS to expect 5 Cr+ corpus build after 34 years. (A modest 8% return considered from NPS)

Also you may shift from Auto choice to Active choice so as to ensure 75% allocation to equity upto 50 age.(In Auto choice after 35 age equity allocation is tapered down).

You are allowed to have different fund managers for different asset classes based on their performance in respective category.

Current fund manager looks okay however you need to review performance every year.

For generating retirement corpus it is better to have 2-3 investment avenues rather then a single one.

A mix of EPF/PPF, NPS and MFs should be more appropriate.

Best wishes;

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