54-Year-Old IT Manager: What Career Options Are Available?

Ans: May be
Or it could be an error
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Ans: Hello;

Until the loans are fully repaid and you have sufficient corpus to finance your monthly expenses, you should continue in job.

While you are in job, you may find a business partner who may be able to fund and manufacture your conveyor designs. After the loans are fully paid and you have corpus that can fund your monthly expenses, you may join the business as active partner later.

For retirement planning you should do regular monthly investments in NPS with aggressive or auto life cycle choice with maximum allocation to equity. It's an E-E-E type of retirement planning product with limited withdrawal option till the age of 60. (Consider modest return of 9% pa from NPS and plan monthly investments accordingly.

Happy Investing!!

Ans: Hello;

1. Immediately let out the commercial shops on long lease with yearly rent hikes. This is crucial to fund your loan EMI.

Assuming this to yield rental income of 70 K per month.

You will still need to shell out 15 K for the EMI amount from your income.

2. So after deducting EMI cut from your monthly pay we are left with
70 K.
Earmarking 30 K for your regular expenses, I suggest you start a monthly SIP of 40 K in a pure equity mutual fund with yearly top-up of 11% minimum.

This may grow into a corpus of 1.47 Cr after 10 years part of which you may utilise to settle off the overdue loan amount.

3. The balance corpus left after settling the loan is expected to be around 54 L. At this stage you will need enhance monthly sip to 1.5 L with 13 % yearly top-up for the next 10 years.

4. The corpus from SIP after the next 10 years may be 6.3 Cr. The balance corpus of 54 L may grow into a sum of 1.83 Cr. Both added will give you a comprehensive corpus of 8.13 Cr, as desired. ( A modest return of 13% from pure equity mutual funds is considered).

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

Ans: Ashwin, my son, graduated from RVCE in 2023 and secured employment through campus placement with a reputable software company. Despite being among the highest achievers in COMEDK, he opted for ECE instead of the more accessible CSE. We did not compel him to join CSE. Following his second year, he progressively shown an interest in software and obtained several certifications through NPTEL, Internshala, and similar platforms. Regarding his experience, while ISE is commendable, CSE is the superior option. Simply enter 'RV placement statistics 2024'. Select the initial result to get the Placement Statistics of RV directly. The top placements are for Computer Science Engineering, followed by Electronics and Communication Engineering, and then Information Science Engineering. The recommendations of your seniors, your personal interests, and the branch with the highest placement statistics are distinct considerations. Kindly review the Course Curriculum for both CSE and ISE and make a decision. Kindly review one of my detailed responses below, in which I have explicitly outlined the stages, recommendations, and methods that a first-year engineering student should adhere to till their fourth year for campus placement. All the BEST for Your Prosperous Future.

To know more on ‘ Careers | Education | Jobs’, ask / follow Us here in RediffGURUS.

Ans: Yes. Your order of preference is perfect. All the BEST for Your Prosperous Future.

To know more on ‘ Careers | Education | Jobs’, ask / follow Us here in RediffGURUS.

Ans: Hello;

If ELSS is required for availing 80 C benefit then it's okay. But then you may limit the the monthly sip into this scheme at 12.5 K per month(1.5 L pa)

Split 50 K equally for monthly sip between a
Flexicap(PPFAS flexicap) and a Large and Midcap fund(Kotak Emerging Opportunities Fund).

Allocate 20 K to HDFC Mid-Cap opportunities fund.

Allocate balance 17.5 K into Nippon India Small cap fund.

For a 20 year horizon this is my suggestion.

Happy Investing!!

You may follow us on X at @mars_invest for updates.

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

Ans: Hello;

Please provide the following details so as to help you better:

When was NSC investment done?
When was KVP investment done?
Term of loan and extent of principal repaid till now.
Any EPF/EPS and/or NPS corpus?
Any ongoing SIP in mutual funds?

Thanks;

Ans: It's great that you already have a term plan of Rs 75 lakh, but getting health insurance should be a top priority now. Here's why:

Health Insurance Coverage: Medical expenses can be high, and without health insurance, you may have to dip into your savings to cover unexpected medical costs. Health insurance safeguards your family's financial stability against medical emergencies.

Affordability: The cost of health insurance increases with age. Buying it earlier ensures lower premiums and wider coverage options.

Term Plan Enhancement: While your Rs 75 lakh term plan provides a safety net for your family, enhancing it can be considered later. The priority should be to ensure you're protected against health-related risks first, as they are more immediate and recurring.

So, start by getting comprehensive health insurance for yourself and your family. Once that's in place, you can review your term plan and consider enhancing it based on your future financial goals and liabilities.