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Am I holding myself back by being friends with people who don't share my ambition?

Archana

Archana Deshpande  | Answer  |Ask -

Image Coach, Soft Skills Trainer - Answered on Jul 18, 2024

Archana Deshpande, the founder of TransformMe Life Skills Coaching, is an image consultant, soft skills trainer and life coach.
She has been working with individuals and corporate organisations for more than 10 years during which she has helped professionals and students improve their soft skills, build confidence and enhance self-esteem.
An engineer from the PDA College of Engineering, Gulbarga, Archana had a successful career at Reliance Communications. But she has always been interested in teaching and training people. So she pursued a postgraduate diploma in teacher’s training at Pune’s Symbiosis Institute of Management Studies followed by teaching assignments in schools at Visakhapatnam and Mumbai.
Archana also holds an international certificate in image consulting and soft skills training from the Image Consulting Business Institute, Mumbai.... more
Asked by Anonymous - Jun 23, 2024Hindi
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Career

Hello sir/mam.I am 19 yr old female. After joining a tier-3 college because of financial reasons comprimising as less fees. I thought i can work hard on own and reach the top. Since i am very bad at talking to others regarding any topic, i joined this circle of friends who seemed very extroverted and try new things. Ive always had very career driven mind but i also craved friendships so i befriended them But I am confused about my own thoughts. All of them are real, and would never leave me at my lowest. i never had such friends. But they always roast me for fun and i have always been okay. Sometimes it hurts but i ignore cuz its only for fun and mainly they are not selfish. But at the same time i always find myself in same level. They say u should be around people who have growth mindset. I believ same but my frnds are not like that. And i just find alone in that only aspect(careerwise) . Since i give relationships important i am not taking ghis frnd circle issue seriously And this concerns me

Ans: Hey cheer up, if you are giving importance to relationships, you are in a great space, you are doing the right thing. The quality of your life is based on the quality of your relationships and the choices you make. In my life coaching classes I have to teach some people to focus on relationships...you are not one of them, so good going.
After reading all that you have to say, these are my conclusions-
1.your friends are good, but they roast you and it hurts- the roasting is good as long as it doesn't hurt, a little bit of leg pulling is alright among friends. So when it hurts, you need to draw boundaries. Get on a one on one chat with the friend whose remarks hurt you, tell her/him that it is "not ok" and that "it hurts", "it makes you feel underconfident"( whatever you genuinely feel). You have to be assertive communicator( someone who respects others and also themselves), here!!
2. You want to mingle with ppl who have a growth mindset, do that, join groups that have this as their agenda. You know this set of friends can't give you that, so you look elsewhere.
3. You said "you are not good at talking and hence joined this set of extroverted friends", has this solved your prob? Have you become better at talking? If yes, then continue to meet them...if NO then time to let go....continue to meet them for other reasons, you yourself said that they are real and won't let go of you at your lowest, then they are real friends. Continue to nurture these friends but don't relay on them for your needs of growth and good communication skills.
4. you said, "I thought i can work hard on my own and reach the top", this is still right, ask for help where you need, develop your personality and soar high.

All the very best to you
Asked on - Jul 23, 2024 | Answered on Jul 26, 2024
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Thank you so much @Archan Deshpande mam ? This helped me.
Ans: I am so glad this helped, if you want to be a good communicator, public speaker and develop leadership qualities...then you can reach out to me and I'll be glad to help such a committed girl to scale the ladders of success.
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Ans: Dear Pushpa,
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Radheshyam

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My daughter is in 12th PCM. She wants to pursue a career in aeronautical engineering (not aerospace). Please suggest what are the options available for her? Which competitive exams she should take? We live in Mumbai. Which colleges (private/ government)are best in terms of placement?
Ans: Hello Madhu.
To pursue a degree in Aeronautical Engineering, your daughter will need to qualify through one or more of the following competitive entrance exams:-
(1) JEE Main and JEE Advanced
(2) BITSAT
(3) VITEEE
(4) SRMJEEE
(5) COMEDK UGET (Karnataka)
(6) MHT-CET
(7) IISER Aptitude Test
(8) IIST i.e. Indian Institute of Space Science and Technology Admission Test (ISAT)

Here is the list of some colleges related to Aeronautical Engineering:
(1) IIT Bombay, IIT Kharagpur, and IIT Kanpur
(2) VIT University, Vellore
(3) R.V. College of Engineering and PES University, Karnataka
(4) MIT College of Engineering, Pune
(5) DY Patil College of Engineering, Pune
(6) Anna University (Chennai)
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(8) Manipal Institute of Technology (Manipal)
(9) Hindustan Institute of Technology and Science (Chennai)
(10) SRM Institute of Science and Technology (Chennai)
(11) Sathyabama University (Chennai)
(12) Amity University (Noida)

For Better Placement, prefer one of the following options if you are getting: IIT Bombay, IIST Thiruvananthapuram, Anna University, Manipal Institute of Technology, and SRM University.

Yet, ask your daughter to focus more on her studies. It would be better to crack Mains and Advanced to get admission to reputed IITs.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

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Ramalingam

Ramalingam Kalirajan  |6683 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Oct 18, 2024

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Dear Sir/Madam, Please keep it anonymous. I am writing in behalf of my cousine.He is 51 years, IT engineer. Post 50 many IT companies are forcing employees to retire. Unfortunately it has become a reality. He has simple lifestyle and has a small family with one 12 year old child, wife and 80 year old mother. He doesn't have any loans or liabilities. He owns a house and his monthly expenses don't go beyond 30K. He has around 1.5 cr in PPF, FD and EPF. 2.5 Cr in Savings account. He also has medical insurance of 5 L. He will continue with simple to moderate lifestyle. What is your opinion if he can survive well on his current investments if he has to retire soon? He don't want to invest in any risky schemes associated with markets. What else he can do in investmements front to improve his financial condition?
Ans: Your cousin's situation is very stable. At 51, his savings and investments are quite healthy. He owns a house, has no loans or liabilities, and his monthly expenses are only Rs 30,000. This reflects a simple lifestyle, which means he doesn't need a huge monthly income to maintain his standard of living. Additionally, his financial discipline is evident, given his savings and investments.

His financial assets include Rs 1.5 crore in PPF, FD, and EPF, and another Rs 2.5 crore in his savings account. This gives him a total corpus of Rs 4 crore. For someone who has a modest lifestyle and doesn't want to take market risks, this provides a solid foundation.

Assessing Retirement Readiness
Assuming your cousin has to retire soon, his current corpus of Rs 4 crore should easily support his lifestyle. Based on his monthly expenses of Rs 30,000, he would need Rs 3.6 lakh annually to meet his day-to-day expenses. This is a small fraction of his total assets, which can comfortably last for many years without any aggressive investment.

Let’s assess the sustainability of his corpus:

With Rs 4 crore in safe instruments like PPF, FD, and EPF, and assuming a conservative return of around 6% per annum, he would generate approximately Rs 24 lakh annually. This is far more than what he needs for his expenses.
His corpus alone, without considering any investment growth, could last for many decades, given his low monthly needs.
In short, from a retirement-readiness perspective, he is well-prepared financially.

Importance of Healthcare Coverage
While your cousin has Rs 5 lakh in medical insurance, it may be insufficient, especially given his age and the rising cost of healthcare. A comprehensive health insurance plan, with a higher cover, would offer him peace of mind in case of medical emergencies. Medical costs can quickly escalate, especially with an aging parent and other family members.

He should consider enhancing his medical cover by:

Opting for a top-up or super top-up plan to increase his health cover.
Ensuring that the policy covers day-care treatments, pre-existing illnesses, and critical illnesses.
Given the moderate cost of health insurance top-ups, this is an affordable and necessary addition to his financial plan.

Alternatives to Risky Investments
Since your cousin does not want to invest in market-linked products, there are still several low-risk investment options that can improve his financial condition without exposing him to high volatility. The focus here would be to preserve capital while generating steady returns.

Here are some suitable alternatives:

Senior Citizen Savings Scheme (SCSS): After turning 60, your cousin can consider investing in SCSS. It provides a safe and reliable return, higher than regular fixed deposits. This scheme would suit his risk profile and provide regular income.

Post Office Monthly Income Scheme (POMIS): Another safe option for post-retirement income. This scheme offers fixed monthly returns and guarantees the safety of capital.

RBI Floating Rate Savings Bonds: These bonds are low-risk and offer decent returns with interest rates adjusted every six months. They are ideal for those looking to earn interest while keeping capital secure.

Sovereign Gold Bonds (SGB): Though linked to gold prices, this is a government-backed option offering a fixed interest rate. It's a way to diversify his portfolio without taking too much risk.

Inflation Protection and Growth Options
Though your cousin’s current investments can support his lifestyle, he must consider the impact of inflation over the next 20-30 years. Inflation can erode purchasing power, and a Rs 30,000 expense today may rise significantly in the future.

Even though he prefers not to invest in market-linked products, having a small portion of his portfolio in inflation-beating instruments could help maintain his financial health in the long run. To strike a balance between safety and growth, he can:

Invest in debt mutual funds: These funds are safer than equity funds and offer better post-tax returns compared to FDs. They are a good choice for those seeking stable returns with minimal risk. Debt mutual funds will also help in tax-efficiency compared to traditional savings instruments.

Balanced or hybrid funds: If he wants to maintain low risk but is open to some market exposure, hybrid funds (with a mix of debt and equity) could be an option. They are less volatile than pure equity funds and offer reasonable returns.

Regular Plan Mutual Funds: If he ever considers mutual funds, it’s best to invest through a certified financial planner (CFP) via regular plans. The benefit of regular plans is that the fund manager’s advice and oversight can help in balancing risk and returns, unlike direct funds where he has to manage the investments himself.

Emergency Fund and Liquidity
Though your cousin has Rs 2.5 crore in his savings account, it is important not to keep too much money idle. While liquidity is important, holding such a large amount in savings will not generate meaningful returns.

Here’s a better approach:

Maintain 6-12 months’ worth of living expenses (around Rs 4-5 lakh) in the savings account or liquid funds for emergencies.

The rest of the amount in the savings account can be moved to safer and higher-return instruments like FDs or debt mutual funds. This way, his money earns better returns while still being relatively liquid.

Estate Planning and Legacy
It’s also important for your cousin to think about estate planning. He should ensure that his family is financially secure in the long term. Simple steps like:

Creating a will: To ensure his assets are distributed as per his wishes.

Nominations: Ensure that all his investments, insurance policies, and bank accounts have proper nominations in place.

Reviewing insurance needs: Even though he may not need life insurance now, he could consider taking term insurance if he wants to secure his family in case of an unexpected event.

Optimizing Tax Efficiency
Your cousin’s current portfolio in FDs and EPF will likely result in higher tax liability as these instruments are taxed as per his income tax slab. He can explore more tax-efficient options to optimize his returns.

Debt Mutual Funds: As mentioned earlier, they are tax-efficient compared to FDs, as they offer indexation benefits for long-term capital gains.

Tax-efficient Fixed Income Products: He can look into tax-saving fixed deposit schemes or long-term bonds that offer tax-saving benefits under Section 80C.

Avoid Direct Fund Investments: Investing directly in funds might seem like a good idea because of lower fees, but it comes with the burden of managing the portfolio independently. Investing through a certified financial planner ensures professional oversight, better fund selection, and an optimal investment strategy tailored to his goals.

Finally
Your cousin’s financial position is very strong. With a Rs 4 crore corpus and minimal monthly expenses, he is well-prepared to retire without any financial stress. He should focus on maintaining his simple lifestyle while also protecting his wealth from inflation and rising healthcare costs.

His reluctance to invest in high-risk market schemes is understandable. There are plenty of safe options available, such as debt mutual funds, SCSS, and floating rate bonds. These can ensure steady income without exposing him to unnecessary risk.

Additionally, estate planning, tax optimization, and healthcare coverage will further secure his financial future.

By taking these steps, he can retire confidently and maintain financial stability for himself and his family.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

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