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Mayank

Mayank Kumar  |192 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  |1703 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

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Mutual Funds, Financial Planning Expert - Answered on Jul 24, 2024

Asked by Anonymous - Jul 12, 2024Hindi
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Money
My Age is 47, and my current savings are as follows 1. EPF : 5L 2. PPF : 5L 3. NPS : 5L 4. MF & Equity : 2L 5. FD & Savings : 2L 6. ULIP : 3.5L One parental house , 2 kids who are studying in class 9th and 7th respectively. kindly suggest post retirement mediacal assistance needs and 75k per month
Ans: Current Financial Snapshot

You are 47 years old. Your savings include:

EPF: Rs 5 Lakhs

PPF: Rs 5 Lakhs

NPS: Rs 5 Lakhs

Mutual Funds & Equity: Rs 2 Lakhs

FD & Savings: Rs 2 Lakhs

ULIP: Rs 3.5 Lakhs

You have one parental house and two kids in class 9th and 7th.

Retirement Planning Goals

To secure your future, you aim for a monthly income of Rs 75,000 post-retirement.

Retirement Corpus Calculation

To generate Rs 75,000 monthly, you need a substantial corpus. Considering inflation, this corpus must last through your retirement.

Asset Allocation Strategy

Diversify Investments

Spread your investments across various asset classes. This reduces risk and maximizes returns.

Increase Equity Exposure

Increase your investments in equity mutual funds. They offer higher returns over the long term.

Reduce Low-Yield Investments

Reduce your holdings in FDs and low-yield savings. They don't beat inflation.

Maximize Tax Benefits

Continue investing in EPF, PPF, and NPS. They offer good tax benefits.

Regular vs. Direct Mutual Funds

Professional Guidance

Regular funds come with professional guidance from an advisor.

Monitoring and Rebalancing

An advisor regularly monitors and rebalances your portfolio.

Disadvantages of Direct Funds

Direct funds lack professional advice. You must manage and rebalance yourself.

ULIP Assessment

Surrender Policy

Consider surrendering your ULIP. They often have high charges and low returns.

Reinvest in Mutual Funds

Reinvest the proceeds in diversified equity mutual funds.

Education Fund for Children

Start an SIP

Start a Systematic Investment Plan (SIP) in mutual funds. This helps in building a corpus for your children's higher education.

Diversify Investments

Diversify across equity, balanced, and debt funds. This reduces risk.

Post-Retirement Medical Assistance

Health Insurance Coverage

Opt for a comprehensive health insurance plan. It should cover hospitalization, surgeries, and critical illnesses.

Family Floater Plan

Consider a family floater plan. It covers all family members under a single sum assured.

Top-up Health Plans

Add top-up health plans to increase coverage without high premiums.

Regular Premium Payments

Ensure timely premium payments. This keeps your health insurance active.

Actionable Steps

Meet a Certified Financial Planner

Consult a CFP for personalized financial planning.

Increase SIP Amount

Gradually increase your SIP in mutual funds. This helps in accumulating a larger corpus.

Review and Rebalance Portfolio

Review your portfolio regularly. Rebalance it to match your risk tolerance and financial goals.

Emergency Fund

Maintain an emergency fund. It should cover 6-12 months of expenses.

Final Insights

Building a secure financial future requires careful planning. Diversify your investments, increase equity exposure, and reduce low-yield investments. Secure health insurance and plan for your children's education. Regularly review and rebalance your portfolio.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

...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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