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Harsh

Harsh Bharwani  |62 Answers  |Ask -

Entrepreneurship Expert - Answered on Mar 27, 2023

Harsh Bharwani is a fourth generation entrepreneur.
As CEO and managing director, he leads the international business and employability initiatives at the computer networking institute, Jetking Infotrain Limited.
After graduating from Delhi University, Bharwani joined the family business in 2010 and set up operations in the US and Vietnam.
He has trained over three lakh students in employability, confidence and key life skills.... more
Shubham Question by Shubham on Mar 27, 2023Hindi
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Hello Harsh - I am 35 years old, senior business analyst and currently freelancing for the past 3 years (Upwork). In the past I have worked with Accenture and Deloitte. It's being good so far - I get to work with multiple clients, facing real time challenges. Biggest thing is the pay is good, I earned upto 50L last year. I could have never achieved this pay grade working with an MNC at the same position. However, the question I always ask myself is, is this sustainable? What if I suddenly stop receiving clients or what if recession strikes? I always have a sense of insecurity. The second part to the question is - what shall I pursue from here on to make sure I nullify this insecurity. I don't want to go back to the corporate job as I hate the whole setup. Please guide.

Ans: It's great to hear that you are enjoying freelancing and have been successful in earning a good income from it. However, it is natural to have concerns about the sustainability of your business and the potential impact of a recession. Here are some suggestions for addressing these concerns and planning for the future:

Diversify your client base: If you rely heavily on one or two clients for your income, it may be worth diversifying your client base to reduce your dependence on any single client. You can try reaching out to new clients, building your personal brand, and expanding your services to attract more business.

Build a network: Networking can be a powerful tool for freelancers. Attend industry events, join online communities, and connect with other freelancers in your field. These connections can provide you with potential clients, referrals, and valuable insights into industry trends.

Maintain a healthy financial buffer: It's always a good idea to have a financial buffer in case of unexpected events. Try to save some of your income each month and create an emergency fund that can cover at least six months of your living expenses.

Invest in your skills: As a business analyst, it's important to stay up-to-date with the latest tools, techniques, and trends in your field. Consider investing in training, courses, or certifications to enhance your skills and stay relevant.

Explore passive income streams: Consider exploring passive income streams such as creating an online course or writing a book. This can provide an additional source of income and help you diversify your business.

Remember, freelancing can be a great option, but it also requires a significant amount of self-motivation, discipline, and planning. By taking steps to diversify your client base, build a network, maintain financial stability, invest in your skills, and explore passive income streams, you can minimize the risk of insecurity and build a sustainable freelance business.
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Hello Sir, I am 39 years old, married and have 10 years old daughter. I work in a BPO (Risk and Compliance Department) since I was 23. Since I was not ambitious during my college days and till now I have no goals, no aim, no passion, the current job I find it very boring. I am stucked at an Analyst level since last 17 years. Also, with lot of family issues at my home, my mind does not work openly and have stucked in the comfort zone. I am a hard working person but not smart working. My wife is a housewife and have no other income other than my job. I want to grow, do lots of hard working but due to lack of self confidence, I always have a fear to get at TL or Manager level. Also, I am not sure which industry I have interest in. It is only since 17 years, I am doing this job, I tell everybody that I am from a BPO sector. But I really want to earn more so that I can fulfill my family needs but please help me in which direction I should go and Howww? I know at the age of 40, I cannot start working in a new sector with no prior experience but really is it too late to change the sector? and if no, Please suggest me any industry where I can start from scratch, learn new things and can work with great interest and can grow myself.
Ans: I find your first few sentences very negative. Please get a hold of yourself and regain your lost confidence. To start from scratch at this stage is not advisable but one can branch off into related fields about which you know the best. Change your attitude, think positive and the solutions will come to you! Other than this is really cannot suggest anything specific since the information given is inadequate.

..Read more

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Ramalingam Kalirajan  |7163 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 27, 2024

Asked by Anonymous - Nov 27, 2024Hindi
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Hi, sir I am a an 30 year old (single) engineer working with a MNC in Chennai, unfortunately till this day i haven't had any savings at all for my future (retirement, other short term or long term goals). Currently my take home salary after EPF and parental insurance is 53k ( EPF is about 4900/month - employee+employer) i haven't opted for Corporate NPS but is provided by the company without any additional contribution from company. I have company health insurance policy and have planned to take my own health insurance and term insurance plan. Adding to above I have zero emergency fund with me. How should I proceed with my investments?
Ans: You have taken the first step by recognising the need to plan. It’s essential to appreciate your intention to secure your financial future. Let’s look at how you can proceed to achieve your short-term and long-term goals.

Your current take-home salary is Rs 53,000, and your EPF contribution is Rs 4,900. However, you lack savings, investments, and an emergency fund. Here's a step-by-step strategy:

Build an Emergency Fund
Set aside funds to cover at least six months' expenses.

Start by saving 10-15% of your salary monthly into a high-interest savings account.

Use Recurring Deposits or Liquid Mutual Funds to maintain this fund for emergencies.

Secure Yourself with Insurance
Health insurance: Maintain your company health policy but add a personal health policy. Choose a policy offering a sum insured of Rs 10-15 lakh.

Term insurance: Buy a term plan covering 10-15 times your annual income. Keep the policy simple and avoid investment-linked insurance.

Budget Your Income
Allocate your income carefully for expenses, savings, and investments.

Use the 50-30-20 rule: 50% for needs, 30% for wants, and 20% for savings and investments.

Avoid unnecessary expenses to increase your saving capacity.

Start Investing Gradually
Short-term goals (1-5 years): Invest in debt funds or recurring deposits. Debt mutual funds are good for stable returns.

Long-term goals (5+ years): Invest in equity mutual funds for higher returns. Choose actively managed funds with consistent performance.

Avoid index funds. Actively managed funds have a better potential for higher returns through professional fund management.

Retirement Planning
Utilise the EPF for retirement. Your current contribution will grow over time with compounding.

Consider investing in diversified equity mutual funds for additional retirement savings.

Corporate NPS: You can explore NPS for its tax-saving benefits. However, don’t rely solely on it for retirement.

Tax-Saving Investments
Use Section 80C to save taxes up to Rs 1.5 lakh.

EPF, PPF, ELSS mutual funds, and life insurance premiums can qualify under this section.

Opt for ELSS funds for tax saving and wealth creation.

Review Existing Expenses
Evaluate and minimise unnecessary expenditures.

Avoid loans for discretionary spending like vacations or gadgets.

Advantages of Using a Certified Financial Planner
A CFP can help you plan holistically and ensure you stick to your goals.

They provide tailored strategies, ensuring proper fund allocation and monitoring.

Invest through a Mutual Fund Distributor with CFP credentials to access professional advice.

Key Steps for Discipline
Automate investments through SIPs in mutual funds.

Track your monthly budget and investment progress regularly.

Avoid direct funds. Regular funds offer professional guidance and fund distributor support.

Tax Implications
For equity mutual funds, LTCG above Rs 1.25 lakh attracts 12.5% tax.

STCG on equity funds is taxed at 20%.

Debt fund gains are taxed as per your income slab. Consider these while investing.

Final Insights
You are in the right direction by seeking advice now. Build a solid foundation with savings, insurance, and investments. Take small steps toward financial independence.

Remain consistent with your investments, and review your financial plan annually.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

Mayank

Mayank Chandel  |1940 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Nov 27, 2024

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Hello, i really have a serious issue regarding my studies as i am 24 yrs now and gave NEET 4times and i am still preparing for nxt year 2025 but at the back of my mind i am really tensed what if the same thing repeats in the neet 2025 also like paper leak and all, So now i am confused that should i take a full drop or partial drop. The mental pressure is really hitting hard and also its almost been 4years that i am still 12th pass only and my classmates have already completed their college and some are flight attendant and earning well, So this all things just hits so hard and also the hope in parents eyes as my father is already proud that i studied science so i would definitely become doctor. I wasted a lot of money in pg and coaching (fastrack) and this all things are hitting so hard that i really feel sad and have no ways to go.
Ans: Hi Bhima
I must say you have got perseverance & I appreciate your parent's trust in you. You have already appeared multiple times and you are going to appear again in 2025. By the time you will be 25 years old. They say there is no age to learn. But after getting admission you need another 10 years to practice as a qualified specialist. Make sure you take admission in the next session.

If higher cutoff & high fees of private colleges are an issue for you, then try exploring the MBBS abroad option, I can help with that too. Since NEXT is compulsory for Indian & Foreign graduates too it won't make a difference if you study in India or Abroad.

For time forget all the societal pressure and give your 100% and make your parents proud.

...Read more

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