Hallo sir, My son has completed B.Tech - E & TC in 2018 from Pune University and started pvt. ltd. co. (SOLAR rooftop INSTALLATION) in partnership itself in 2018. But till date he is unable to set up his firm in fix income and not receiving regular income considering with monthly salary. Can you advice whether he has to close his company and start career with other solar company, as he is getting some good calls. Meanwhile he is persuing M.Tech in SOLAR SYSTEM and will be completed in 2024. Please advice.

Ans: Hello concerned parent,
Your son hears everything you say but perhaps needs a short break. What you could suggest is for him to try his hand at stock market and other things but along with that also continue competitive study reading. Talking and discussing current affairs always helps. Conversations are important between parents and children when they are a two way method. Hear him, give your points but allow him his own mistakes and experiences. We all learn from them.

Ans: It's great that your son has started earning, and it's essential to guide him on saving and investing for the future. Here's a step-by-step investment plan tailored for him:

Emergency Fund: Start by building an emergency fund equivalent to 3-6 months of expenses. This fund should be easily accessible, like a savings account or a liquid fund.
Debt Repayment: If he has any high-interest debts like credit card bills or personal loans, it's wise to clear those first to avoid paying hefty interest.
Investment Options:
Equity Mutual Funds: For long-term wealth creation, he can start SIPs in diversified equity funds. A mix of large-cap, mid-cap, and multi-cap funds can provide growth.
PPF (Public Provident Fund): A tax-efficient and safe option for long-term savings with a lock-in period of 15 years.
NPS (National Pension System): A retirement-focused investment with tax benefits, offering a mix of equity, corporate bonds, and government securities.
Term Insurance: Since he's working, consider getting a term insurance plan to ensure financial security for his dependents.
Health Insurance: A comprehensive health insurance plan to cover medical emergencies can provide financial security and tax benefits.
Budgeting and Savings: Encourage him to create a monthly budget to track expenses and identify areas to save. Automating investments through SIPs can also help in disciplined saving.
Financial Education: Educate him about the importance of financial planning, saving, and investing. Encourage him to read books or attend workshops on personal finance.
Starting early with disciplined saving and investing can help him build a substantial corpus over time. Encourage him to consult a financial advisor for personalized guidance tailored to his financial goals and risk tolerance.

Ans: Dear Mr.Mahesh

There are several mid sized law firm where your sone can apply for. May be initially he can work with them as part time. Also, he can apply for jobs in companies where there is legal department.

On the health side, morning exercises will help him. Suggest you and your son plan daily morning walk as this will boost his confidence. You can do general talk during these walks.

Wishing him the very best.

Ans: If this is the case despite having all the qualifications, he should talk to his superiors about the same and try to understand the reasons. Meanwhile, he can also work on improving his skill set to become a more valuable asset to the company.

Ans: It sounds like your son has demonstrated entrepreneurial spirit and creativity through his YouTube endeavors, which is commendable. However, I understand your concerns about his future and career stability, especially considering the recent decline in earnings. Here are some suggestions to help support your son in navigating his career and future. Have an open and honest conversation with your son about your concerns regarding his career and future. Express your support and willingness to help him explore alternative paths that align with his interests and strengths. Encourage your son to explore his interests and consider alternative career options beyond YouTube. Help him identify his skills, passions, and values to find potential career paths that could offer long-term stability and fulfillment. Encourage your son to continue developing his skills, both within the realm of content creation and in other areas that could enhance his career prospects. This could involve learning new skills through online courses, workshops, or hands-on experience in different industries. Discuss the importance of financial planning and budgeting with your son, especially during periods of fluctuating income. Help him create a financial plan to manage his earnings effectively, save for the future, and prepare for any unforeseen circumstances. Encourage your son to network with professionals in various fields and seek mentorship from individuals who have achieved success in their respective careers. Networking can provide valuable insights, opportunities, and guidance for career development. While your son may not be interested in traditional higher education, there are alternative education options such as vocational training programs, online courses, or specialized certifications that can provide valuable skills and credentials for specific career paths. If your son is passionate about entrepreneurship, support his efforts to explore new business ideas, ventures, or collaborations that leverage his skills and interests. Encourage him to learn from both successes and failures and to embrace the entrepreneurial journey as a learning experience. Ultimately, it's important to support your son in finding a career path that aligns with his interests, values, and goals while also helping him develop the necessary skills and resilience to navigate challenges and achieve long-term success and fulfillment. Your encouragement, guidance, and support can play a crucial role in helping him shape his future positively.