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Mayank

Mayank Kumar  |193 Answers  |Ask -

Education Expert - Answered on Aug 31, 2023

Mayank Kumar is the co-founder and managing director of upGrad, a higher EdTech company. With over 10 years of experience in the education sector, Kumar can offer guidance about degree courses, campus, job-linked and executive programmes and studying abroad.An MBA graduate from ISB Hyderabad, he holds a BTech in mechanical engineering from IIT Delhi.... more
Vivek Question by Vivek on Jun 23, 2023Hindi
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Career

Hello Mayank,my twin daughters in 10th,,which direction/subjects would be advisable for a promising future for them. Both are good in studies

Ans: Hi Vivek, It's great to hear that your twin daughters are doing well in their studies and that you're considering their future prospects. ​A​t this stage, it's important to learn about their interests, strengths, and goals.

​a) You can start by having open conversations with your daughters about their interests​: what subjects do they enjoy studying the most​, what activities or hobbies do they have outside of school​, and also understanding their passions can help guide their choices.​ Are they more inclined towards science, mathematics, literature, arts, or a combination? Leverage their ​academic strengths when deciding on subjects.

​b) Research the types of jobs that align with their interests​. It is important to note that many careers require specific educational paths, so understanding their potential career options ​at an early stage can help narrow down subject choices.​ Also, it is advised to research emerging industries and technologies that will likely play a significant role in the future. This could help guide their choices towards fields with promising job prospects.

​c) Science, Technology, Engineering, and Mathematics (STEM) fields are highly sought after and offer a wide range of opportunities. If your daughters have an aptitude for subjects like mathematics, physics, chemistry, and biology, they might consider careers in engineering, medicine, research, data science, or technology.​ Alternatively, if your daughters have a flair for creativity, languages, literature, or the arts, they might consider careers in fields like literature, journalism, languages, visual or performing arts, design, communication, and more. It's ​also possible to combine interests. For example, they could pursue careers in fields like medical illustration (combining biology and art), science communication (combining science and writing), or technology and art (such as graphic design for websites or games).

​d) Most importantly, encourage participation in extracurricular activities, as they can help develop important skills and interests. These activities can also shape their character and add depth to their college applications.​ Keep in mind that educational and career paths are not set in stone. Many people switch careers multiple times in their lives. What's important is that they develop a strong foundation of skills, critical thinking, and adaptability that will serve them well in any field.
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Mayank

Mayank Chandel  |2311 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Apr 05, 2023

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Hi Sir, My daughter is confused about which subject to choose after 10th. Need your expert advice here. Below are her traits and career aspiration: # First choice of her career is to appear in UPSC and be a IAS/IPS. But, has a fear about not clearing it, than what? So, other option should be open. # She dont want to have a 9 to 5 Job. # She is good at Maths but she dont like to solve complex problems. # Confused with Bio/Commerce and humanities which one would be good for her ? # at last, she want to earn lots of money ?
Ans: It's great that your daughter has clear career aspirations, but it's important to remember that there are multiple paths to achieving them. Here are some points to consider:

UPSC is a highly competitive exam, and the success rate is relatively low. So, it's always good to have a backup plan. While pursuing her studies, your daughter can also prepare for other government exams, such as the state civil services or bank exams, as these can also offer good career prospects. But here, it will be a 9 to 5 job, as you said she doesn't want a 9-5 job.

Also If she doesn't want a 9 to 5 job, then she can consider careers in law, journalism, or entrepreneurship. These fields offer a lot of flexibility and the opportunity to work on her own terms.

If she is good at maths but doesn't like to solve complex problems, then she can consider commerce as an option. A career in finance or accounting can be a good fit for her.

Humanities can also be a good option for her if she is interested in subjects like history, geography, or political science. These fields can also help her in her UPSC preparations.

Lastly, while earning lots of money is a valid goal, it's important to also consider other factors like job satisfaction and work-life balance. Your daughter should choose a career that aligns with her interests and passions, rather than just focusing on the financial aspect.

Overall, encourage your daughter to explore different fields and subjects, and to keep an open mind about her career options. With hard work and dedication, she can achieve success in any field she chooses.

..Read more

Nayagam P

Nayagam P P  |4702 Answers  |Ask -

Career Counsellor - Answered on Nov 26, 2024

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Career
My Daughter is in 10th standard and is studious. We arranged her counselling through a professional team and came to know that she can do good in Science, Computer, Maths and Journalism. They advised her to choose PCM, Computer alongwith Economic as subjects for 11th. Kindly guide us further and what are the carrier prospects with this combination. Regards
Ans: Neeraj Sir, I trust that your daughter has had the opportunity to participate in the 'Psychometric Test' administered by the Counselling Team you mentioned. The results of the test have led to recommendations for the fields of Science, Computer, Maths, and Journalism. You have not specified from which Board she will continue her 11th-grade studies. Kindly be informed that, in addition to PCM, your daughter has the option to select either Computer Science or Economics, provided she is a CBSE student. The combination of Physics, Chemistry, Mathematics (PCM), Computer Science, and Economics (CSE) offers a versatile career path. It can lead to careers in Engineering, Research and Science, Architecture, Computer Science, and Economics. Emerging fields include CSE, Artificial Intelligence and Data Science, Financial Technology, Journalism with Data, and Environmental Technology. Higher education options in India include IITs, NITs, state universities, private colleges, and liberal arts. Your daughter should select a preferred career path from those suggested by the Counselling Team before completing her 10th Grade. This will enable her to begin preparation for relevant Entrance Exams, including JEE, IAT, CUET, and/or those conducted by Private Colleges for admission into UG Programs. All the BEST for Your Prosperous Future.

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

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Ramalingam

Ramalingam Kalirajan  |8484 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 22, 2025

Asked by Anonymous - May 21, 2025
Money
Greetings!!!! I am 37 years old male from Bangalore staying with wife in lease house. Our monthly salary is 180000. We have no debts and no savings and we are planning to buy a property in Bangalore, not sure which property to buy (Plot/sites/apartment/independent house). My CIBIL score is low and I took settlements for my many credit cards. Last year I applied for loan and it got rejected bcoz of credit card settlements. My wife's salary is less and we can't get as expected loan. Please advice us how to buy a property.
Ans: Understanding Your Current Financial Position

You both earn Rs. 1.80 lakh monthly. This is a good income.

You live in a leased house in Bangalore. So, you save on rent payments.

You currently have no savings. That is risky and must be addressed first.

You had credit card settlements earlier. This has lowered your CIBIL score.

Your loan was rejected due to poor credit history. This is expected after settlements.

Your wife has lower income. So, combined loan eligibility is affected.

You want to buy a property in Bangalore. But don’t know what to buy yet.

Issues with Current Financial Health

Low or zero savings is risky. No buffer for job loss or emergency.

Poor credit score affects loan approvals. Also increases interest rates when approved.

Planning a property purchase without savings is not safe.

Property cost in Bangalore is high. You will need good credit and savings.

Unclear property choice shows lack of clarity in goal.

Let’s Fix the Basics First

Forget property buying for now. It’s not a priority today.

Build a strong financial base first.

First step is to build an emergency fund. Minimum 6 months expenses.

Try to save Rs. 50,000 monthly. This is around 28% of your income.

Out of that, keep Rs. 25,000 aside as emergency savings.

Put emergency fund in liquid mutual fund or short-term FD.

Use balance Rs. 25,000 to start investing for long term goals.

This way you start wealth creation and stay safe from sudden shocks.

Steps to Improve Your CIBIL Score

Check your current CIBIL report. Spot all negative remarks.

Start using one small credit card. Repay full amount every month.

Don’t delay even by one day. It will hurt your score again.

Don’t apply for any loan for 12-18 months.

Credit score improves only with time and discipline.

Pay mobile, electricity, rent and other bills on time.

Avoid financial shortcuts like new settlements or informal loans.

Make your bank accounts active with consistent transactions.

Keep credit utilisation ratio below 30%.

Why Property Buying Now is Not Wise

Real estate has high entry cost and exit cost.

Down payment will need minimum 15%-20%. That is at least Rs. 15-20 lakh.

Home loan needs high credit score. Else interest rate will be very high.

Property is not liquid. You can’t sell quickly when needed.

Property maintenance and tax cost is extra burden.

You don’t own a house yet. But that doesn’t mean you must rush.

Many people regret hasty property purchases later.

Renting is not bad. It gives flexibility and no long-term burden.

Invest first. Build credit and corpus. Buy property only after 5 years.

How to Prioritise Financial Goals

Step 1: Emergency Fund – Minimum Rs. 5 to 6 lakh in liquid investments.

Step 2: Credit Repair – Maintain discipline and no new settlements.

Step 3: Wealth Creation – Start SIPs in mutual funds.

Step 4: Term Insurance – Buy pure term cover for both of you.

Step 5: Health Insurance – Take separate health policy if only employer cover exists.

Step 6: Review After 3 Years – Only then think of home purchase.

How to Start Investments Now

Start mutual fund SIPs for long term goals like retirement and child’s education.

Begin with Rs. 20,000 per month SIP. Increase by 10% yearly.

Always invest in regular mutual funds through a certified financial planner.

Regular funds give guidance, reviews and behavioural support.

Direct funds give no advice. Many investors take wrong decisions due to that.

Certified Financial Planner will help in selecting right funds.

Also helps in goal tracking, tax planning and risk assessment.

Avoid index funds. They blindly copy markets and don’t protect during falls.

Actively managed funds adapt to changes and protect capital better.

Create Goal-wise Investment Buckets

Goal 1: Emergency Fund – Rs. 6 lakh in 12 months. Use liquid funds.

Goal 2: Short-Term – Next 3 years, invest in hybrid or conservative funds.

Goal 3: Long-Term – SIP in equity mutual funds for retirement and future goals.

Goal 4: Property – Start separate SIP for this, after 3 years only.

Wife’s Role in Financial Planning

Include her in all planning steps. Take decisions jointly.

If she is not financially aware, help her understand the basics.

Make her take a small SIP in her name. This builds interest and ownership.

Encourage her to open her own credit card. Use it responsibly to build her score.

Her credit score and income will help in future joint loans.

Her health and life cover are also important. Don’t ignore.

Mistakes to Avoid from Now

Don’t rush into property buying because others are doing it.

Don’t take help from informal lenders or brokers.

Don’t co-sign for any relative’s loans.

Don’t buy real estate as an investment.

Don’t invest in traditional LIC or ULIP plans.

Don’t mix insurance and investment.

Don’t blindly trust online credit repair companies.

Don’t invest without written goal plan.

Timeline to Prepare for Property

Year 1: Create emergency fund. Improve credit score. Avoid any new debt.

Year 2: Continue SIPs. Track expenses. Maintain discipline.

Year 3: Take CIBIL report again. Score should be 750+.

Year 4: Assess financial readiness. Check if property goal is now practical.

Year 5: If all is good, shortlist location. Start planning down payment.

If You Still Want to Buy Early

Then take 2 years to build Rs. 10-15 lakh corpus.

Buy a small plot or property without loan. Only if budget allows.

Avoid joint loans if wife’s income is too low.

Don’t stretch EMI above 30% of your income.

But again, only do this if you have emergency fund and stable credit.

Finally

Your income is good. But financial base is weak today.

First focus must be on savings and discipline.

Property will always be available. But your credit and savings need time.

Use this time to grow slowly and wisely.

A certified financial planner can help you set up proper goal-based plans.

Your past does not stop you. But only discipline will build your future.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

Ramalingam

Ramalingam Kalirajan  |8484 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 22, 2025

Asked by Anonymous - May 21, 2025
Money
Hello Sir. I'm 36. I earn net 1.25L per month. I have Plot Loan Outstanding 17L roi is 9%, 12 years pending, EMI 23k per month. I also have Personal Loan, outstanding 17 Lakhs,3 years pending, EMI 28k per month. I invest 12k per month for SSY for my daughter and 10K SIP in MF. I save about 10K monthly after all expenses. Please guide can I use that savings for prepayment of loan or to increase the SIP. MF + Stocks - 6L SSY - 3L Emergency Fund - 3L Term insurance - 1.5CR - Premium - 30K annualy. Health Insurance - 15L - Premium - 30K annualy. LIC - 8L insured - 36K annually Plot - worth 40L - Loan outstanding Please advise sir.
Ans: You have made a disciplined start towards financial planning. Your family responsibilities are being handled well, especially your daughter’s SSY and the insurance covers.

Let us now assess your current financial picture, and explore suitable action points.

Income, Expenses and Loan Burden
Your monthly income is Rs. 1.25 lakh.

Plot loan EMI is Rs. 23,000. Personal loan EMI is Rs. 28,000.

Total EMI is Rs. 51,000 per month. That is 40% of your income.

This is a high EMI-to-income ratio. It limits your flexibility.

Your monthly SIP is Rs. 10,000. SSY is Rs. 12,000 per month.

You save Rs. 10,000 monthly after all these.

Your committed outflow is around Rs. 83,000 monthly. This needs careful planning.

Assessment of Your Loans
Personal loan is expensive. Tenure is short. EMI is high.

Plot loan is long-term. EMI is moderate. But interest rate is also high.

Personal loan is not asset-backed. Interest is high without tax benefit.

Plot loan is secured. Interest is also high but offers tax benefit.

Total outstanding loan is Rs. 34 lakh. That is 27 times your monthly income.

This is a financial stress point. Needs correction step-by-step.

Investments and Insurance Review
Mutual fund + stocks total is Rs. 6 lakh.

Emergency fund is Rs. 3 lakh. You are well-covered for 3 months' expenses.

SSY corpus is Rs. 3 lakh. A good start for your daughter.

Term insurance of Rs. 1.5 crore is ideal. You are rightly covered.

Health insurance of Rs. 15 lakh is sufficient for now. Good family protection.

LIC policy of Rs. 8 lakh sum assured, with Rs. 36,000 premium yearly.

LIC plans are low-yield. You may evaluate this further.

Your Financial Strengths
You are consistently saving. That is a great habit.

You have SSY for your daughter. A strong step as a father.

You have term and health covers. Risk management is in place.

You have SIP in mutual funds. You are investing for the future.

Emergency fund of Rs. 3 lakh gives you safety.

Your Financial Pressure Points
Two large loans are a burden. EMI eats away 40% income.

Personal loan interest is costly. It slows down wealth growth.

LIC policy is eating Rs. 3,000 monthly. Returns are not linked to inflation.

Limited surplus for investments due to EMI load.

Equity investments are just Rs. 6 lakh. Needs increase over time.

Ideal Action Plan — Step-by-Step
1. Personal Loan Repayment First

This loan is costlier than plot loan.

It has short tenure. Paying extra saves more.

Use monthly savings of Rs. 10,000 to prepay personal loan.

Do not increase SIP now. Prioritise debt clearance.

Even a partial prepayment every 6 months will help.

2. Stop LIC Policy After Evaluation

LIC gives low returns. Around 4–5% annually.

You are already insured through term policy.

If this LIC is not a pension or ULIP, consider surrender.

Use surrender value to prepay personal loan or invest in mutual funds.

Reinvesting this Rs. 36,000 annual premium in mutual funds is better.

3. Hold SIP Steady, Don’t Increase Yet

You are investing Rs. 10,000 per month in SIP. Keep it unchanged.

Do not stop or reduce SIP unless emergency arises.

Use only savings and LIC money for loan prepayment, not SIP money.

Your SIP should continue to compound long-term.

4. SSY Contribution is Mandatory

Rs. 12,000 monthly SSY for daughter is locked-in. That’s fine.

This is a social commitment. Let it continue.

It will create a corpus at her age 21. Don’t disturb this.

5. Keep Emergency Fund Intact

You have Rs. 3 lakh emergency fund.

That covers 3 months' expenses. Good decision.

Do not use this for loan prepayment or investment.

Keep it in a liquid fund or sweep-in FD for access.

6. Avoid Direct Stocks or High-Risk Assets Now

You already hold Rs. 6 lakh in MF and stocks.

Stocks are volatile. You are in a debt-heavy phase.

Avoid buying more stocks till loans are reduced.

Focus on debt reduction, not aggressive returns.

7. No New Loans or Commitments

No gold loan, credit card EMI, or gadgets on EMI.

No car loan or new real estate plan.

Avoid real estate as investment. It's illiquid and costly.

Your plot is for long term. Keep it that way.

8. Regular Fund Investments Preferred

You may have SIPs in direct plans. These look cheaper.

But direct funds do not offer advice or personal review.

Wrong fund choice in direct plan can lower returns.

Regular plans via CFP-backed MFD ensure guidance and tracking.

Long-term returns improve with portfolio review and timely changes.

9. Stay with Actively Managed Mutual Funds

Index funds may look simple and low-cost.

But index funds lack flexibility. They mimic the market.

In falling markets, index funds fall fully. No downside protection.

Actively managed funds give better defence and opportunity.

Let fund managers make dynamic decisions for better outcomes.

10. Monitor and Review Every 6 Months

Keep track of loan balances and interest saved.

Review SIPs and funds with CFP every 6 months.

Check if additional surplus can be used to prepay loans.

Once personal loan is cleared, divert that EMI into SIP.

Over time, increase SIP to Rs. 20,000 monthly.

11. Children’s Education Plan Later

Your daughter’s SSY is a good start.

After clearing personal loan, build an education fund.

Begin with Rs. 5,000 monthly SIP when surplus increases.

Use child-specific mutual funds with 10–12 year horizon.

12. Retirement Planning from Age 40

You are 36 now. Clear loans in 3–4 years.

From age 40, begin long-term retirement SIPs.

SIP of Rs. 20,000 monthly for 20 years builds good retirement wealth.

Delay in retirement planning can lead to pressure later.

13. Avoid Frequent Changes or Panic

Stick to your strategy. Be consistent.

Don’t stop SIP during market fall.

Don’t switch funds without reason or advice.

Avoid short-term goals with equity mutual funds.

14. Use Surplus Cash or Bonus Wisely

Use any annual bonus to prepay loans.

Avoid spending bonus on lifestyle upgrades.

Any maturity from LIC or FD should go to loan or SIP.

15. Tax Planning Must be Optimised

You are investing in SSY, ELSS may be part of SIP.

Avoid traditional plans for tax benefit alone.

Use term plan and ELSS for tax and growth.

Finally
You are already making smart money choices. That’s encouraging.

Clear personal loan first. It frees up cash and mind.

LIC surrender and reinvestment improves returns.

Keep SIPs running. Keep SSY untouched.

Increase SIP later with surplus from EMI reduction.

Build a child education fund post-loan closure.

Retirement savings can start at age 40 with higher SIP.

Don’t invest in real estate now. Avoid gold loans and credit EMIs.

Review your financial plan with a Certified Financial Planner every 6 months.

Your journey is strong. With right steps, you will create lasting wealth.

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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