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Should I Quit My Banking Job to Focus on Judicial Exams?

Maxim

Maxim Emmanuel  |391 Answers  |Ask -

Soft Skills Trainer - Answered on Jun 26, 2024

Maxim Emmanuel is the marketing director of Maxwill Zeus Expositions.
An alumnus of the Xavier Institute of Management and Research, Mumbai, Maxim has over 30 years of experience in training young professionals and corporate organisations on how to improve soft skills and build interpersonal relationships through effective communication.
He also works with students and job aspirants offering career guidance, preparing them for job interviews and group discussions and teaching them how to make effective presentations.... more
Asked by Anonymous - May 19, 2024Hindi
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Career

Hello i am 33 year old girl working in banking sector from last 10 years..also preparing for judiciary given interview 2 times and mains 4 times. I have time constraint should i resign from job or give up preparations? Confused please suggest what to do

Ans: So many unemployed want to be unemployed too... Then resign.. Don't bite more than you can chew!?

However if you need professional advice happy to assist https://m.me/maxim.emmanuel.2024
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Shekhar

Shekhar Kumar  |154 Answers  |Ask -

Leadership, HR Expert - Answered on Apr 17, 2024

Asked by Anonymous - Apr 15, 2024Hindi
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Hello sir I am 28 years old female working as an HR from home along with preparing for my CS exective. I have cleared its group 1 in 5 yrs and now struggling to clear group 2 since last 2 years. Once i will clear then i have to study for CS professional examination totally unpredictable that how much time it will take to complete. At 30 family will start pressurize for getting married. And i am not joining any HR jobs onsite or not taking any onsite opportunities or growing in my career coz then i will deviate from my CS study. Totally in dilemma what should i do . Please guide sir Thanks
Ans: Thank you for sharing your dilemma to me. It sounds like you're facing a lot of pressure and uncertainty about your career, education, and personal life. Please assess your priorities and set realistic goals for your career and education. Consider the time and effort required to complete your CS executive and professional examinations, and develop a study plan that allows you to balance your studies with your other commitments. Develop effective time management strategies to prioritize your tasks and allocate sufficient time for studying, work, and personal activities. Break down your study goals into manageable tasks and set deadlines to stay on track with your progress.

It is better to have an open and honest conversation with your family about your career and education goals, as well as your timeline for completing your CS examinations. Discuss your concerns and the support you need to achieve your goals while addressing their expectations regarding marriage. Remember that it's okay to seek support and make adjustments to your plans as needed. Trust yourself, stay focused on your goals, and believe in your ability to overcome challenges and achieve success in your career and education endeavors. Best of luck! Feel free to contact me on Rediff Gurus if you require additional guidance or assistance.

..Read more

Maxim

Maxim Emmanuel  |391 Answers  |Ask -

Soft Skills Trainer - Answered on May 02, 2024

Asked by Anonymous - Apr 20, 2024Hindi
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Career
Sir, I am 27 years old, Single. Its been 2 years + I am doing private 3 years project contractual job this contractual job.its going to complete in Dec 31st 2024. I gave Ctet teacher exam but i failed 3 time. But i m not focusing in State tet so, i want focus but in market lots of content and i dont have gude what shall i do. I am not happy with my current job. This job changes me alot in my caracter now, i cant sleep properly because if this job will finished what shall i do, till yet i have not creck any exam. And if i go in market i started to forgot ex:- After giving money i forgot to take back, after giving money i forgot to take things sometime. My age also gainig if want to marry so, i have earned money or save money i have to bear all expenses because my parents financially poor if I want save, same time i need to look my younger brother study expenses i need to bear and family running mantainance and also have EMI loans need to pay and also i am helping my parents to build their house with my own money my parents does not have money for my marriage. Now i have overthinking, depression, fear, feeling lossing confident, my dream job also get critical in this situation what shall i do. In office also staff try to polling down because i am getting higher salary what shall i do. For this reason just resently my health conditions because worse my pressure 139 felt vomit feel dizzy. What shall I do now Sir.
Ans: I have gone through your query and understand that you are at the Cross roads of Life.

It's at these times... When the going gets tough... The tough gets gong.
That's your strength.. A tough resilient young lady!
Kindly note you are doing an excellent job hence rewarded with better pay in your organization.. Obviously there's going to be jealousy..Be calm & Handle it with maturity.

Now I understand you are very committed selfless person. Who's contributing a lot to your family,... Wow in fact helping build your own new house. !

In regards to your contractual job, talk to your employer, let them know, that you would have to look for another job post December 2024 if there's no clear further commitment.

In regard to your marriage at 27 you aren't too old to find a like minded partner don't rush and regret, start the process through matrimonial apps.

I see you talk about your health, especially blood pressure, well that's because you are unduly stressed.
Add tender coconut water to your diet, talk to a proper Ayurvedic doctor..!

I am sure you will get over this mid life syndrome and invite us all for your happy day!

..Read more

Latest Questions
Ramalingam

Ramalingam Kalirajan  |7405 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 02, 2025

Asked by Anonymous - Jan 02, 2025Hindi
Money
Hello Sir, I am 43 years and in IT industry. Having kids of age 13 and 9 years. Below is my current income , investment. I am looking for Rs 3 Cr asset by age of 55years , considering another 1.5-2 Cr for both the kids education completion.Can you please suggest on the approach / additional investment etc. Monthly income: 1.73 lakhs in hand Home loan EMI: Rs 55k (20 years tenure with SBI MaxGain , started in Dec 2021) Assets and Investments: Apartment value: Rs 1.3 Cr, purchased in 2021 , loan ongoing SBI Home Loan MaxGain Account : Rs 26 lakhs PF: Rs 35.5 lakhs VPF : Monthly investment Rs 7.6k PPF: Rs 2.5 lakhs NPS: Rs 75k , Monthly investment Rs 9.5k Mutual Funds: Rs 10.6 lakhs , Monthly SIP Rs 26k Company Stocks ( RSU ): Rs 15 lakhs SBI Life - Shubh Nivesh Policy : Monthly premium of 2.5k for 25 years. started in Feb 2017 Insurance: Company health insurence of 15L
Ans: Your target is Rs 3 crore by age 55 and an additional Rs 1.5–2 crore for your children’s education. Your current investments and disciplined approach provide a strong foundation to achieve these goals. Below is a detailed roadmap to optimise your strategy.

Assessment of Current Financial Position
Income and Expenses

Monthly income of Rs 1.73 lakh offers good cash flow.
EMI of Rs 55,000 is manageable with your earnings.
Assets Overview

Apartment value is Rs 1.3 crore.
Investments in PF, VPF, PPF, NPS, mutual funds, and company stocks are diversified.
Insurance Coverage

Health insurance of Rs 15 lakh is adequate but needs enhancement.
Existing Investment Discipline

Monthly SIPs of Rs 26,000 and NPS contributions are commendable.
SBI MaxGain account with Rs 26 lakh improves liquidity and reduces loan burden.
Key Strengths
Disciplined Investments

Regular SIPs and long-term investments show a consistent savings habit.
Adequate Liquidity

SBI MaxGain account provides flexibility for emergencies or prepayments.
Strong Provident Fund Base

PF balance of Rs 35.5 lakh is a significant asset for retirement.
Key Challenges
Under-Optimised Investments

Current SIP amounts need an increase to meet future goals.
Insurance Coverage

Life insurance through a traditional plan may not be cost-efficient.
Education Costs Rising

Children’s education costs need more focused planning.
Strategy to Achieve Rs 3 Crore and Children’s Education Goals
Enhance SIP Investments

Increase monthly SIPs from Rs 26,000 to Rs 45,000.
Focus on actively managed equity mutual funds for higher growth.
Optimise Traditional Insurance

Surrender SBI Life Shubh Nivesh policy.
Reinvest surrender value into mutual funds for better returns.
Increase Provident Fund Contributions

Continue VPF contributions for guaranteed returns and tax benefits.
Aim to increase PF balance to Rs 75 lakh by retirement.
Focus on NPS Growth

Increase monthly NPS contribution to Rs 15,000.
Benefit from tax deductions and long-term compounding.
Addressing Children’s Education Costs
Dedicated Education Fund

Start a dedicated mutual fund SIP of Rs 15,000 for education expenses.
Choose funds with a growth-oriented approach.
Utilise MaxGain Account

Allocate a portion of the Rs 26 lakh for children's education fund.
Systematic Withdrawals

Plan withdrawals strategically to minimise tax burden.
Managing Home Loan and Debt
Prepay the Loan Strategically

Use surplus funds in the MaxGain account to prepay the loan periodically.
Reduce interest burden and improve cash flow for investments.
Balance Liquidity and Loan Repayment

Keep 6–9 months’ expenses in MaxGain for emergencies.
Use the remaining funds to reduce principal effectively.
Tax Efficiency
Optimise Tax Benefits

Maximise deductions under Section 80C for PPF, NPS, and VPF.
Claim interest benefits on the home loan under Section 24.
Capital Gains Planning

Plan mutual fund withdrawals to avoid higher LTCG taxes.
Use debt funds strategically for stable returns and lower tax impact.
Risk Mitigation
Enhance Health Insurance

Add a top-up health plan of Rs 15–20 lakh.
This reduces out-of-pocket expenses during medical emergencies.
Term Insurance for Life Coverage

Purchase a term plan for Rs 1 crore to secure your family’s future.
Ensure premium affordability while maintaining high coverage.
Final Insights
Your financial journey is on the right track with disciplined savings and investments. By increasing SIP contributions, optimising insurance, and strategically managing your home loan, you can comfortably achieve your goals. Focus on consistent investment growth while managing risks efficiently.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

...Read more

Ramalingam

Ramalingam Kalirajan  |7405 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 02, 2025

Asked by Anonymous - Dec 24, 2024Hindi
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Money
I do SIP of 61K every month in index, small cap, mid cap, index auto and index technology funds. I want to invest 15 lacs for long term wealth creation - please suggest
Ans: Your monthly SIP of Rs 61,000 shows a disciplined and growth-focused approach.

Your allocation to small-cap, mid-cap, and sectoral funds highlights your appetite for higher returns.
However, reliance on index funds has certain limitations.
Direct indexing lacks flexibility, and sectoral funds may expose you to higher risks.

Disadvantages of Index Funds and Sectoral Focus
Index funds are passive and lack fund manager expertise.

They mimic the market and don’t adapt to changing economic conditions.
They may underperform in volatile or bearish markets.
Sectoral funds like auto and technology funds are cyclical in nature.

Overexposure to specific sectors can increase portfolio volatility.
Returns may be inconsistent, depending on industry trends.
A diversified portfolio with actively managed funds provides better stability and growth.

Strategic Plan for Rs 15 Lakh Investment
Long-term wealth creation needs careful planning and diversified fund selection.

Allocate Based on Goals and Risk Tolerance
Your Rs 15 lakh investment should aim for steady growth and capital preservation.

Allocate 50% to diversified equity funds with active management for consistent performance.
Invest 25% in hybrid funds that balance equity and debt for stability.
Allocate 15% to debt funds to manage risks and liquidity needs.
Reserve 10% for international equity funds for global diversification.
This mix ensures growth, stability, and risk management over the long term.

Benefits of Actively Managed Equity Funds
Active funds outperform index funds by leveraging fund managers' expertise.

Fund managers pick high-potential stocks, avoiding poorly performing ones.
They adapt to market trends, reducing risks during volatile periods.
Include Balanced and Hybrid Funds
Hybrid funds combine equity and debt, ensuring balanced growth.

They provide downside protection during market corrections.
They stabilise portfolio returns over the long term.
Add Global Diversification
Investing globally reduces dependency on the Indian market.

International funds capture opportunities in developed markets.
They hedge against currency fluctuations and economic uncertainties.
Maintain Liquidity with Debt Funds
Debt funds provide liquidity and safety for short-term needs.

Choose low-duration or dynamic bond funds to manage interest rate risks.
They balance your portfolio while providing steady returns.
Tax Implications and Planning
Understanding tax rules ensures efficient wealth creation.

Long-term equity gains above Rs 1.25 lakh attract a 12.5% tax.
Short-term gains are taxed at 20%.
Debt fund gains are taxed as per your income slab.
Plan redemptions carefully to minimise tax liabilities.

Importance of Professional Guidance
Investing through a Certified Financial Planner ensures proper fund selection.

They align investments with your long-term goals and risk profile.
They monitor and rebalance your portfolio regularly.
Direct funds lack this expert guidance, often leading to suboptimal decisions.

Regular Monitoring and Adjustments
Your portfolio must evolve with market trends and personal goals.

Review your investments annually for performance and alignment.
Rebalance your portfolio to maintain desired asset allocation.
Final Insights
Your disciplined SIP strategy is impressive and shows commitment. To maximise your Rs 15 lakh investment, focus on a diversified, actively managed portfolio. Avoid over-reliance on index and sectoral funds. Engage a Certified Financial Planner to guide and monitor your investments. Build a balanced portfolio with equity, hybrid, debt, and international funds.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

...Read more

Ramalingam

Ramalingam Kalirajan  |7405 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 02, 2025

Asked by Anonymous - Jan 02, 2025Hindi
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Money
I am 73 and my wife is 67. Our two daughters are well settled abroad. We have 50 l in FD giving a net income of 30k/month. We have about 75 l in mf, major portion in a monthly income scheme and we get about 30 k/month. We have shares worth about 2.5 cr, giving a dividend income of approximately 6 l per annum. We a liablity of about 1.3 cr against shares and interest cost is 12 l . Gold value is roughly about 1.5 cr. Suggest ways to increase the liquidity and meet monthly expenses of about 1.5 l more easily than depending on the share appreciation
Ans: Your current financial portfolio is strong, diversified, and well-structured. However, the interest liability and liquidity challenges need immediate attention. Below is a detailed assessment and suggestions to help you achieve better liquidity and ease in meeting monthly expenses.

Key Strengths of Your Financial Portfolio
Diversified Asset Base

Investments in fixed deposits, mutual funds, shares, and gold ensure stability and growth.
Passive Income Sources

Monthly income of Rs 60,000 from FDs and mutual funds is stable.
Dividend income of Rs 6 lakh annually supports cash flow.
Valuable Gold Assets

Gold worth Rs 1.5 crore provides security for future needs.
Well-Settled Family

Your daughters being financially independent reduces future financial burdens.
Key Challenges
High Loan Liability

Loan of Rs 1.3 crore incurs an annual interest cost of Rs 12 lakh.
Liquidity Crunch

Monthly expenses of Rs 1.5 lakh exceed current passive income.
Dependency on Shares

Heavy reliance on share appreciation can be risky in volatile markets.
Strategies to Increase Liquidity
Reduce Loan Burden Strategically

Sell a portion of shares to reduce or clear the loan liability.
Reducing interest costs will free up Rs 12 lakh annually.
This will also lower dependency on share appreciation for cash flow.
Optimise Mutual Fund Portfolio

Review the monthly income scheme for performance and returns.
Shift a portion of funds to actively managed mutual funds for better returns.
Focus on funds with consistent income generation and lower volatility.
Utilise Gold for Liquidity

Pledge a portion of gold to avail a low-cost gold loan, if required.
This avoids selling gold while still meeting liquidity needs.
Explore Dividend-Yielding Shares

Gradually shift to shares offering higher and consistent dividend yields.
This will enhance passive income without increasing market risk.
Enhancing Cash Flow Efficiency
Create a Laddered FD Structure

Split the Rs 50 lakh FD into smaller amounts with varying maturities.
This ensures liquidity every few months without premature withdrawal penalties.
Diversify Income Sources

Consider shifting some fixed deposit funds into corporate deposits or debt mutual funds.
These provide higher returns than FDs while maintaining relative safety.
Plan Systematic Withdrawals

Use a systematic withdrawal plan (SWP) in mutual funds to generate regular income.
This method preserves your capital while meeting monthly cash flow requirements.
Tax Considerations
Capital Gains Tax on Mutual Funds

Equity fund LTCG above Rs 1.25 lakh is taxed at 12.5%.
Debt fund LTCG is taxed as per your slab rate.
Plan withdrawals strategically to minimise tax liability.
Dividend Taxation

Dividend income is taxed as per your income tax slab.
Ensure adequate tax planning to reduce overall tax impact.
Steps to Meet Monthly Expenses Easily
Reduce Dependency on Share Appreciation

Avoid relying solely on market conditions for liquidity.
Shift to income-generating assets that provide predictable cash flow.
Utilise Gold Effectively

Liquidate a small portion of gold to create an emergency fund.
Alternatively, use gold loans for short-term liquidity.
Consolidate Investments

Simplify and streamline your investments to reduce monitoring complexity.
Focus on assets that offer consistent income and long-term growth.
Monitoring and Reviewing Investments
Regular Review of Mutual Funds

Monitor mutual fund performance quarterly.
Consult with a Certified Financial Planner to optimise fund allocation.
Rebalance Asset Allocation

Periodically adjust your portfolio to match liquidity needs and risk appetite.
Reduce exposure to high-risk shares gradually as you prioritise income stability.
Final Insights
Your financial health is robust with adequate assets and income potential. However, reducing the loan liability and diversifying income sources are essential. This will enhance liquidity and ease financial stress. Implementing these strategies will help you achieve a secure and comfortable financial future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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