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Sushil

Sushil Sukhwani  |582 Answers  |Ask -

Study Abroad Expert - Answered on Aug 26, 2023

Sushil Sukhwani is the founding director of the overseas education consultant firm, Edwise International. He has 31 years of experience in counselling students who have opted to study abroad in various countries, including the UK, USA, Canada and Australia. He is part of the board of directors at the American International Recruitment Council and an honorary committee member of the Australian Alumni Association. Sukhwani is an MBA graduate from Bond University, Australia. ... more
Deepak Question by Deepak on Aug 10, 2023Hindi
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Career

Hello Mr. Sushil Sukhwani, thanks for your advise. Just need small clarification, my daughter will be going to USA after 12th but in your response it's says after bachelor's so can you pleaase look into this and confirm?

Ans: Hello Deepak,

First and foremost, thank you for contacting us. We are extremely sorry for the part pertaining to Educational prerequisites, having mistakenly written Bachelor’s. Pursuing medical studies in the USA can certainly be fruitful, however, multiple steps are involved in the process, right from preparing for standardized exams to making applications for universities. The application process is as under:

1. Prerequisites:
• Academics: Your daughter will need to complete 12 years of schooling comparable to that of the U.S. high school education. This typically requires completing grades 11th and 12th.
• Standardized Tests: Prepare for and give the requisite standardized tests:
â—¦ SAT or ACT: Undergraduate admissions require one to appear for general standardized exams like the SAT or ACT. Certain universities might favor one over the other.
â—¦ SAT Subject Tests: For competitive programs like medicine, specific subject exams might be needed or recommended by certain universities.
• English Proficiency: If English is not your daughter's primary language, appear for the TOEFL or IELTS English language proficiency test.

2. Research and Choose Universities:
• Universities and medical programs that correspond to your daugther’s academic objectives, choices, and monetary capabilities should be researched.

3. Entrance Tests:
• MCAT: The Medical College Admission Test (MCAT) is required for admission to the majority of American medical schools. An applicant’s comprehension of scientific principles, critical thinking, and problem-solving abilities are assessed in this standardized test.

4. Application Process:
• Online Applications: Via the Common Application or specific university websites, complete online applications.

• Transcripts: Academic marksheets including those of grades 11th and 12th, as well as any other pertinent education should be submitted.

• Recommendation Letters: Your daughter will require outstanding LoRs from professors, mentors, or professionals who can attest to her intellectual prowess and character.

• Statement of Purpose: Typically, applicants must compose a convincing personal statement outlining their purpose to pursue a medical career, relevant experiences, and attributes that make them a viable candidate.

• Extracurricular Activities: Talk about extracurricular activities, community service, leadership roles, and research experiences that you have undertaken.

5. Prepare Your Finances:
• Medical studies can be costly, therefore, budgeting is essential. Look into various scholarship opportunities, grants, and financial aid possibilities that universities offer.

6. Applying for a Visa:
• On being accepted, your daughter must apply for a student visa (F-1 visa) to study in USA. This entails submitting necessary documents, attending an interview at the U.S. embassy or consulate, and proving she can pay for her education and living costs.

7. Pre-departure Preparations:
• Before leaving for the USA, make accommodation, travel, and other essentials arrangements.

8. Arrival and Orientation:
• Once you arrive, adapt yourself to campus life and academic expectations by attending orientation programs organized by the university.

Depending on the university and course, the process can differ a little. Check the official websites of the universities your daughter is interested in frequently and adhere to their particular application guidelines and deadlines.

The medical sector in the USA being highly competitive, securing admission to medical schools can be difficult. Your daughter will need to maintain excellent academic standards, actively participate in extracurricular activities, and perform well on the required exams to increase her admission chances.

In addition, speaking with a qualified educational counselor or advisor who specializes in assisting students apply to foreign universities can provide tailored guidance throughout the application process.

For more information, you can visit our website.
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Hello Sir, this is Dhiraj DM, I am 48 year's old married with no kids, we have any flat worth 1. 5 cr given on rent around 50 lakhs of equity 20 lacs mutual funds we want to retire in next 3 years,please guide. We live in a metro no liability, we r into Gifting business now want to retire in next 3 years
Ans: Your retirement is just three years away. You have built a strong foundation with real estate, equity, and mutual funds. Now, the goal is to structure your investments for steady income, security, and long-term sustainability.

1. Assessing Your Current Financial Position
Flat Worth Rs. 1.5 Crore: This generates rental income, but liquidity is limited.
Equity Portfolio of Rs. 50 Lakh: Market-linked investments with potential for high returns but volatile.
Mutual Funds of Rs. 20 Lakh: Offers diversification and moderate risk exposure.
No Liabilities: This is a strong advantage for financial freedom.
Gifting Business: If planning to exit, ensure business-related finances are sorted before retirement.
2. Estimating Post-Retirement Income Needs
Calculate expected monthly expenses, including medical, travel, lifestyle, and emergency costs.
Factor in inflation, as expenses will rise over time.
Consider long-term costs such as medical care and home maintenance.
3. Structuring Retirement Income
Rental Income as a Fixed Source
Your flat generates rental income, which helps with stability.
Consider reinvesting this income for further growth.
Portfolio Rebalancing for Stability
Equity exposure is beneficial but risky close to retirement.
Shift some funds to low-risk instruments for safety.
Keep some allocation to equity to combat inflation.
Maintaining Liquidity for Emergencies
Create an emergency fund of at least 2 years' expenses in liquid assets.
Avoid relying solely on investments that require selling in volatile markets.
4. Health and Insurance Planning
Ensure comprehensive health insurance for both of you, at least Rs. 15-20 lakh coverage.
If you hold any old insurance policies with low returns, consider restructuring them.
Create a separate healthcare fund for long-term medical expenses.
5. Tax Efficiency in Retirement
Structure withdrawals smartly to reduce tax burden on capital gains.
Use tax-free instruments where applicable.
Rental income is taxable, so deduct maintenance expenses to lower tax outgo.
6. Planning Investments for Retirement Income
Avoid complete reliance on fixed-income instruments, as they may not beat inflation.
A mix of mutual funds, debt instruments, and systematic withdrawal plans (SWP) will ensure steady cash flow.
Keep some investments growth-oriented to sustain wealth over decades.
7. Estate and Legacy Planning
Prepare a clear will to ensure smooth asset transfer.
If you plan to donate or support causes, structure funds accordingly.
Finally
Ensure liquidity and stability in your investments.
Reduce risk in equity but keep exposure for growth.
Maintain a dedicated healthcare fund and strong insurance coverage.
Structure investments to minimise taxes and ensure steady income.
Plan legacy and succession to avoid future complications.
Would you like a detailed plan on how to allocate your investments for steady retirement income?

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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