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Desh

Desh Deepak  | Answer  |Ask -

Answered on Jan 16, 2009

yog Question by yog on Jan 16, 2009Hindi
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after been fired is it wise to work with less than current pay?

Ans: No harm. In the mean time keep trying to get a better paying job
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Anu

Anu Krishna  |1769 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Dec 14, 2022

Relationship
Hi, Sorry, my story is long.I'm 43 years old. My life's been on a crazy downside since the last 3 years. I lost my job a year before Covid. I worked with my last company for over 10 years. In my initial phase I developed and introduced a high-tech animated presentation that the sales team used. This gave my career a boost quickly and I got timely promotions, more responsibilities.I worked 12-18 hours on many occasions. When my boss came to know that my wife and I are going to have a baby, he even gave me an advance appraisal. From earning 3 lakhs a year, my last drawn salary was 21 lakhs a year.Things were going good until I was diagnosed with diabetes. It gave me a real scare and I started taking all the precautionary measures like timely food, timely workout and my focus on the job was only as much as it was needed. I couldn't go overboard working 12-18 hours like I used to. This didn't go down with many of my seniors and especially my boss.I remember, initially he gave me a long-term work from home opportunity. That too was going well but suddenly it was stopped as many colleagues started asking for the same and the company was not ready for this change on a large scale back then.By then the company had ventured into too many online businesses and verticals and they got me to hire 40-45 designers. Suddenly they realized that handling so many things wasn't working for them as the profit margins decreased. Now they wanted me to fire people on the basis of performance. Unwantedly I had to do that. Laying off people who were marginally falling short than others was bad.In between one of the incidents I saw my boss yell at me for no reason. He wanted the team to source a large number of images for the website. He had verbally asked me to utilize everyone on the floor to get the job done. Me being me, I wrote an e-mail officially assigning small tasks to a number of people on the floor. However there was no formal communication from the boss that gave me authority over others and to get others who were not a part of my team to get involved in that project. This was not an easy task as his perspective and other people's perspectives didn't match. The job went on slow and my boss got angry. He came to my cabin and gave me a big scare using foul language which must have been audible even outside to others. And mind you I was not at fault. This incident made me scared and doubtful of myself.I could never face my boss again. Whenever he was in office I would not come face to face with him. My interaction with him soon became zero. The appraisals were below par. The amount of work I used to get, got diverted to my juniors directly, bypassing me. And soon they asked to resign. I got 3 months compensation. But, after that, I couldn't really find another job as I feel I am not capable of handling stuff. I feel I will fail. I have tried to psyche myself into positivity but I can't.While I have noticed that as a freelancer, I have successfully handled many projects in the past 4 years and clients have been happy. It's only that I am very uncomfortable working in an office environment. That corporate culture for me is like a HORROR movie. Now the scenario is such that my projects in hand have reduced. I think I don't have the business acumen. It's becoming tougher to find new clients. I have applied to literally 1000 places but no one's taking the GAP in the jobs well. That's my guess. I'm more of a hands-on worker than a manager so I also applied for junior positions but I've had literally no luck.My wife has throughout these 4 years supported me and my freelance ventures. We have one kid who's 11 years old and can understand the situation even without us explaining it to him. When we got married, my mother-in-law was much older than my parents were, we decided to stay with her initially and it's been 14 years since we started staying here. We save on rent. Things were good when I had a well-paying job but now my wife's had to shell out a lot for the day-to-day expenses. Now, she keeps asking why I am unable to find a job. How much is she going to have to shell out? My savings have depleted, now hers too. I am ashamed of asking her to pay for stuff every month but my situation makes it compulsory. I have two loan EMIs, and our monthly expenses which we pay through credit card usually. But I don't have adequate income. Somehow, my wife thinks that the kind of lifestyle she has always led and what she has visualized is something she'll have to stick to. Even though we stay in a bungalow, the finances are not exactly alright. The colony where we live is full of crorepatis and my wife thinks that she has to maintain her lifestyle otherwise the kids outside will not be fair to our kid. They will tease him. The kids here are such that they compare a lot -- your house, my house, your car, my car etc.Of late we have been fighting a lot. She's always been stressed with my joblessness, my son's studies. She ends up scolding him too much and generally remains in a bad mood. I won't hide the fact that I have faced a lot of insults lately and some of them in front of my kid. Basically whenever my wife and I have an argument, she always ends it by mentioning the amount of money she has spent on the family and my joblessness. Add to it the fact that I am staying at her place. I can never have any further argument. It's like her Brahmastra.I used to be very patient when things were fine. Now, even I get agitated in no time. I'm one confused soul at the moment. I'm not outgoing, I'm very shy when it comes to new people. I've been watching a lot of videos about gaining self-confidence. But practical things do not really work out the way I think. My freelance venture failed. My e-commerce venture failed. Basically whatever I do, fails. It's that kind of a phase in my life when everything just goes wrong. I'm not a suicidal person and I want to spend a lot of time with my family yet. I'm just not sure now what to do. How to get my confidence back? Is there a thing called bad luck? Is this spiritual? Will things ever come back to normal?P.S. I have personally spoken to many people in my friends’ circle and clients circle and told them that I am looking for a job. Hoping that something materializes. But in the meantime, whatever I wrote above are things that I can't speak about to anyone.P.S.2 There's a pattern. My father was jobless after 40. So am I. He struggled a lot in his life and did whatever he could to give us the best. I'm trying hard too but I feel I am losing it. I don't want my child to face these kinds of things in his future. I hope this bad luck doesn't pass on.
Ans:

Dear R,

Let’s bring it down simply into Health, Work and Marriage. And of course, your added element of superstitions that aren’t helping anyway.

You were absolutely right in taking care of your health and reworking your work timings.

If the boss doesn’t care about that, well then you are stuck with a boss whose appraisal on you will be based on the number of hours v/s actual output of work.

I know you cannot choose your boss, but being led by someone like this isn’t going to let you grow either. So, whether you choose to work as a freelancer or within an office, do make sure that you are surrounded by people that can fuel your growth.

If that’s not possible always, work your mind to a point of strength where you hold fort and not allow yourself to be a pawn like you did with you boss.

With your personal story, your wife did support you when she did and maybe the lifestyle is something that is used to.

Isn’t it time for the two of you to actually talk about the future. Instead of allowing life to take you over, ever thought of setting a strong goal as a family where everyone is involved in each other’s success journey?

So, she perhaps does not understand what it means to still live with her mother, what it means for her to have a husband with a steady job, what it means to you to keep your health at its peak!

When you both don’t understand what things mean to each other, you will be caught in crossfires and not support one another. So TALK and COMMUNICATE. And if all superstitions were to be believed, we could hunt all the black cats down and hold them captives OR not walk outside for fear of them crossing our paths.

It’s just your mind mapping on this low phase into today.

What happened with your father and you repeating with you and your son becomes true only when you don’t take charge of your life now and do something different. So, think and act different and more usefully.

Create a better life. All the best!

..Read more

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Nayagam P

Nayagam P P  |10931 Answers  |Ask -

Career Counsellor - Answered on Mar 02, 2026

Career
Hello sir I am currently in class 12th pcm stream and confused which college to chose as I want to pursue cse from a reputable college. I scored less in my jee mains january attempt so I am considering taking a drop too but since I mostly prepared for boards for my entire year I am looking forward to get a seat in SASTRA university in Thanjavur I am from Uttar Pradesh though can you guide me what should I do and what other college options based on class 12th marks will be best for me. I am from isc board.
Ans: Kartikeya, You are from UP. I'm curious to know—what draws you to SASTRA in Thanjavur, TN? Do you have specific reasons? Northern India offers excellent alternatives like LPU, Thapar, Galgotias, Amity, GLA, and Sharda, many accepting ISC marks too.

Apply to 6-7 more reputed colleges as backup options instead of relying only on Sastra & Government Institutions. Consider a drop only if you're confident of the 95+ percentile next year. All the BEST for Your Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

...Read more

Ramalingam

Ramalingam Kalirajan  |11047 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Mar 02, 2026

Money
I have borrow a 36.50 lakh loan against property from hdfc bank. is property inssurance mandatory for the mortgage loan on property?
Ans: You have taken a Loan Against Property of Rs 36.50 lakh. First, I appreciate that you are checking the legal and financial side carefully. That shows responsibility.

Now let us understand clearly.

» Is Property Insurance Mandatory for Loan Against Property?

– Legally, property insurance is not compulsory under Indian law.
– But practically, most banks including HDFC Bank insist on insuring the property.
– It is usually mentioned in the loan agreement as a condition.

So technically it is not a government rule. But contractually, the bank can make it compulsory.

Why? Because the property is the security for your loan.

» Why Bank Insists on Property Insurance

– The property is pledged to the bank.
– If there is fire, flood, earthquake or major damage, the value reduces.
– If the property is damaged badly, the bank’s security becomes weak.

Insurance protects both you and the bank.

So from risk management point of view, it is practical and sensible.

» Is It Mandatory to Buy Insurance From the Same Bank?

– No bank can force you to buy insurance only from their partner company.
– You are free to choose any general insurance company.
– You only need to assign the policy in favour of the bank.

If bank is forcing bundled insurance, you can politely request separate policy.

» What Type of Insurance Is Needed?

For mortgage loan, usually:

– Structure insurance (building insurance) is required.
– Contents insurance is optional but useful.

If it is an apartment:

– The society may already have a master policy.
– Still, individual unit insurance is better.

Do not confuse this with loan protection insurance (life cover). That is different.

» Should You Take It Even If Not Forced?

Yes, I strongly recommend taking it.

Why?

– Property is a large asset.
– One accident can destroy years of savings.
– Premium is very small compared to property value.

It is not an expense. It is protection.

» Check These Points Carefully

– Insured value should match reconstruction cost, not market value.
– Natural calamities must be covered.
– Policy should be renewed every year without fail.
– Bank clause (assignment clause) must be correctly mentioned.

Do not ignore renewal. If policy lapses, risk comes back to you.

» 360 Degree Protection View

Since you have a loan:

– Ensure you have adequate term insurance to cover outstanding loan.
– Ensure you have proper health insurance.
– Maintain emergency fund for EMI continuity.

If something happens to income, EMI must not suffer.

Property insurance protects asset.
Term insurance protects family.
Emergency fund protects EMI discipline.

All three together create safety.

» Finally

Property insurance may not be legally compulsory, but practically it is required and financially wise.

Do not see it as bank pressure. See it as risk control.

A small premium today can prevent a huge financial shock tomorrow.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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

...Read more

Ramalingam

Ramalingam Kalirajan  |11047 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Mar 02, 2026

Money
Hello Sir, I am 43 year old, having investment in 1. Own House-No Loan 2. MF holding 14.0 Lac, 3. FD 44.0 Lac, 4. Pure Gold 40.0 Lac, 5. PPF 5.0 Lac, 6. EPF 27.5 Lac, 7. NPS 9.0 Lac 8. Bank Account 10.0 Lac 9. Monthly SIP 44000 Rs [Multicap, Two Mid Cap, Two Small Cap, Large and Mid Cap] 10. Term Plan 50.0 Lac My child is 16 years old, i need your advice for my child education, marriage as well as my retirement.
Ans: You have built a very strong foundation at 43. Own house without loan, good savings in FD, gold, EPF and mutual funds – this shows discipline and stability. Many people at your age struggle with liabilities. You are in a safe position. Now we must organise it properly for your child’s higher education, marriage and your retirement.

» Current Financial Position – Overall Assessment

– Own house without loan gives you emotional security.
– Total financial assets are well diversified across FD, gold, PF and mutual funds.
– Large allocation to FD and gold gives safety but lower long-term growth.
– Mutual fund exposure is moderate and SIP is healthy at Rs 44,000 per month.
– Term cover of Rs 50 lakh is on the lower side considering child age and future costs.

You are financially stable. Now the focus must shift to growth and protection.

» Child Higher Education – 2 to 4 Year Planning Window

Your child is already 16. That means higher education funding is very near.

– Education corpus should not depend on equity-heavy assets now.
– Avoid taking high risk in small and mid caps for this goal.
– Start segregating money required in next 2–3 years into safe instruments like short-term debt or high-quality fixed income.
– Do not disturb EPF and NPS for education unless absolutely necessary.

If needed, you can use part of FD and bank balance. Education goal is priority one.

Important: Avoid selling equity mutual funds in panic. If you sell equity funds:
– LTCG above Rs 1.25 lakh is taxed at 12.5%.
– STCG is taxed at 20%.

Plan redemption carefully and gradually.

» Child Marriage – Long-Term Goal (8–12 Years)

Marriage is not urgent. So this can stay in growth assets.

– Continue SIP.
– You are currently investing across multicap, midcap, smallcap and large-midcap. That is fine for long term.
– But review allocation. Too much mid and small cap increases volatility.

Keep marriage goal in a separate mutual fund bucket. Track it independently.

» Retirement Planning – The Most Important Goal

You are 43. You have around 15–17 years for retirement.

Current retirement assets:
– EPF Rs 27.5 lakh
– NPS Rs 9 lakh
– PPF Rs 5 lakh
– Mutual Funds Rs 14 lakh

This is a decent start but not enough for long retirement life.

You must:

– Increase retirement-focused equity allocation gradually.
– Continue EPF contribution strongly.
– Continue NPS for tax and discipline, but do not depend fully on it.
– Increase SIP gradually every year, at least 5–10% step-up.

At your age, growth is still required. Too much FD and gold will reduce long-term wealth creation.

» Asset Allocation Correction

Current allocation shows heavy weight in:

– FD Rs 44 lakh
– Gold Rs 40 lakh

Gold and FD together form a very large portion. Gold does not give income. FD gives safety but post-tax returns are moderate.

Suggestion:

– Do not exit gold fully. Keep reasonable allocation.
– Slowly reduce excess FD over next few years and move towards diversified equity mutual funds for long-term goals.
– Keep emergency fund of 6–9 months in bank and FD. Beyond that, excess idle cash should work harder.

» Insurance Review

Term cover of Rs 50 lakh is low.

– Considering child age and inflation in education, you should review and increase total term cover.
– Aim for at least 10–12 times annual income protection.

Health insurance is not mentioned. If not adequate, increase family floater coverage.

» Risk Management & Behaviour Discipline

– Do not frequently change funds based on market noise.
– Review once a year.
– Keep goals separated mentally and financially.

Your SIP structure is good. Just rebalance and align with time horizon.

» Tax Awareness

– Equity mutual fund gains above Rs 1.25 lakh (long term) are taxed at 12.5%.
– Short term gains are taxed at 20%.
– Debt fund gains are taxed as per slab.

So plan withdrawals smartly. Do not redeem in one single financial year if avoidable.

» Action Plan – Next 12 Months

– Separate education corpus immediately.
– Increase term insurance.
– Gradually rebalance FD surplus into long-term mutual funds.
– Step-up SIP yearly.
– Create clear written retirement number target.
– Review NPS asset allocation to ensure enough equity exposure.

» Finally

You are not late. You are actually ahead in discipline and savings. Only re-alignment is required.

Education funding needs safety now.
Marriage needs growth.
Retirement needs structured and increasing equity exposure.

If you implement these corrections calmly, you can achieve all three goals without stress.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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

...Read more

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