How can I get a mentor for my startup for which my roadmap is ready, website ready and it is near launching stage but still I feel need to get a mentor so that we can grow our startup as per plan. Not just looking for investor but a mentor who can guide through the journey to be successful. Although my start up plan is not unique and there is competitors in the sector with huge growth potential. Please guide how we can select or approach mentor?

Ans: Hello. Thank you for connecting with us. It is good to hear that your daughter would be completing M.Sc in cell and molecular biology soon. Given your daughter’s background in cell and molecular biology, she can certainly get a placement in research institutions and laboratories, biotechnology companies, pharmaceutical companies, hospitals, healthcare institutions, academic institutions, government agencies, Non-Profit Organisations, etc. However, let me tell you that we don’t provide job assistance at the moment. But, if your daughter wants to pursue higher education abroad, do let us know. Our expert team would would contact you soon.

For any further queries, please get in touch with us. We have a team of expert counsellors who can guide you through any concerns or questions you may have.

Ans: Hello. First and foremost, thank you for connecting with us. It is good to hear that you have been pursuing a CSE at MIT. Studying a M.Tech in CSE abroad is indeed a good choice. Talking about the admission, it would be good if you decided on a specific country. Please note that the admissions process will vary depending on the country you choose.
You can start by shortlisting specific countries where your programme is offered. After shortlisting, have a look at whether the subjects you want to study are available or not. Simultaneously, prepare for the admission requirements for studying abroad. Yes, there are scholarship opportunities available in every country. You will be eligible for a fully-funded scholarship or a partially-funded scholarship as per your previous academic records.

For any further queries, please get in touch with us. We have a team of expert counsellors who can guide you through any concerns or questions you may have.

Ans: Hi!!

It is very sad that you lost your life partner at such a young age. I know it is going to be tough for sometime. What I do know is that, because you are an Engineer, you have work experience with TCS, it is not going to be as tough as it seems and it will take sometime but you will be earning and living a respectable life!! Take informed decisions and start taking one step at a time towards your goal of a respectable life.

I am a little troubled that you said, "I am strangled with a 6 yr old daughter". You gave birth to her, she is your responsibility, she is totally dependent on you. You do have your daughter as your mate on this journey of life. Children are always a blessing, don't believe anyone who says otherwise. Cherish her and love her. Let the bond between the mother and daughter grow to be beautiful one. After the death of a spouse, people around have this tendency to say things that has an effect on you, just trust yourself, you are 35 yrs old, believe in yourself. You are mother and motherhood gives you a lot of strength, tap into it and move ahead in life for the sake of the little one.

Now to look into building your career, earning money and living a respectable life, here are some options to look into..

1. check with TCS if you can go back, lots of these big companies love it if their previous employees come back to work with them. Look around for a senior, a friend who can suggest the courses you can do now, to get back into the job market
2. you said you don't want to get into software, how about HR or teaching?
3. take a hard look at all your strengths and weaknesses, what you would like to do, get skilled in that area and start looking for the jobs in that area
4. create a goal card, let this always be in front of you. Have goals for every area of your life

Take care of your mental, emotional and physical health!! Look for people you uplift you and give you strength. Stay away from negative people.

Loads of prayers and blessings to both you and your daughter!!

Ans: It's commendable that you're already prioritizing investments at such a young age and have taken steps to secure insurance coverage. Your approach demonstrates financial responsibility and foresight.

Given your current financial situation, establishing an emergency fund is indeed a prudent step. An emergency fund acts as a financial safety net, providing liquidity to cover unexpected expenses like medical emergencies or job loss without disrupting your long-term investments.

As a Certified Financial Planner, I recommend setting aside at least three to six months' worth of living expenses in your emergency fund. Since your average monthly expenses are around 9-10k, aim to accumulate around 30k to 60k in your emergency fund.

You can keep your emergency fund in a high-yield savings account or a liquid mutual fund for easy accessibility and liquidity. These options offer stability and ensure your funds are readily available when needed.

Regarding health insurance for you and your mother, it's a wise decision to enhance your coverage. Evaluate various health insurance plans to find one that meets your specific needs and offers comprehensive coverage for medical expenses.

Continue with your disciplined approach towards investing in stocks and mutual funds. Allocating a portion of your monthly income towards investments ensures wealth accumulation over time. Regularly review your investment portfolio and make adjustments as needed to align with your financial goals and risk tolerance.

Overall, you're on the right track with your financial planning and investments. Keep up the good work and remain proactive in managing your finances for a secure and prosperous future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: Starting your career in a different domain from your academic background is a brave move, showcasing your willingness to follow your passion. It's impressive how you've taken charge of your finances despite starting with a modest income. Keep up the good work!

Increasing your savings and investments is a wise decision, especially at a young age. Gradually raising your SIP amount as your income grows is a prudent step towards building wealth over time. Consistency is key in investing, and your commitment to regular investments will pay off in the long run.

Direct funds offer several advantages over regular funds, including lower expense ratios, potentially boosting your returns over time. However, managing direct funds requires expertise and time commitment. Considering your busy schedule, investing through a Certified Financial Planner (CFP) with expertise in mutual funds can be advantageous. They can provide personalized guidance, monitor your portfolio, and make timely adjustments as needed, ensuring optimal returns while you focus on your career.

While mutual funds are a solid starting point, exploring other investment avenues gradually can further diversify your portfolio and optimize returns. Consider learning about stocks, bonds, or alternative investments to broaden your investment horizon.

Continuous education about financial concepts and investment strategies will empower you to make informed decisions and navigate the complex world of finance effectively. Keep seeking knowledge and stay open to new opportunities.

With dedication, discipline, and a proactive approach, you're well on your way to achieving your financial goals. Keep believing in yourself and your abilities, and remember that every small step you take today contributes to a brighter financial future tomorrow.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: Creating a corpus of 5 crores in 10 years is an ambitious goal, but with careful planning and strategic investments, it's achievable. Your current investment portfolio and savings habits provide a solid foundation for reaching this milestone.

Given your age of 34 and the 10-year time horizon, we'll need to focus on a growth-oriented investment strategy while ensuring diversification and risk management.

Let's start by optimizing your mutual fund portfolio. While you have a diversified mix of funds, we may need to make some adjustments to align with your goal. Consider increasing allocations to high-growth potential funds like mid-cap and small-cap funds, which historically have outperformed broader market indices.

Regularly review your portfolio to monitor performance and make necessary adjustments based on market conditions and your evolving financial goals.

Additionally, continue your disciplined approach towards savings. Your LIC, PPF, and NPS contributions provide stability and long-term growth opportunities. Ensure you maximize contributions to these instruments within permissible limits to harness their full potential for wealth accumulation.

Remember to stay patient and committed to your financial plan. Building a significant corpus requires time and consistency. As a Certified Financial Planner, I'm here to guide you every step of the way and help you navigate through market fluctuations and uncertainties.

With determination and strategic financial planning, you can achieve your goal of creating a 5 crore corpus in 10 years.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: It's impossible to predict the exact corpus you'll have after 30 years with Nippon India Small Cap Fund (or any mutual fund) due to several factors:

Market Fluctuations: Stock markets are inherently volatile. Past performance doesn't guarantee future returns.

Fund Performance: The fund's future performance significantly impacts your corpus.

Here's what we can do instead:

Historical Performance: Nippon India Small Cap Fund has historically performed well. However, past performance doesn't guarantee future results.

SIP Calculator: Use Nippon India Mutual Fund's SIP calculator (https://mf.nipponindiaim.com/knowledge-center/tools/sip-calculator) to estimate potential returns based on different investment periods and assumed rates of return. Remember, these are just estimates.

Seeking Professional Advice: Consulting a Certified Financial Planner (CFP) can be beneficial. They can consider your risk tolerance, investment goals, and overall portfolio to suggest a suitable investment strategy.

Important to Remember: Focus on long-term wealth creation through disciplined investing. Stay diversified and avoid making investment decisions based solely on predicted returns.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: It's commendable that you're considering health insurance for your parents. It's a vital step towards securing their well-being.

Understanding your parents' health condition is crucial before purchasing insurance. Consider scheduling a comprehensive health check-up for them. This will help identify any pre-existing conditions they may have.

If pre-existing conditions are found, don't worry. Many insurance policies cover pre-existing illnesses after a waiting period. Disclose all relevant information to the insurer transparently to avoid claim rejections later.

Opting for a family floater health insurance plan can be beneficial. It covers the entire family under a single policy, including pre-existing conditions after the waiting period.

Compare different health insurance policies, considering factors like coverage, premium, waiting period, and claim settlement ratio. Choose a plan that suits your parents' healthcare needs and your budget.

Regularly review and renew the health insurance policy to ensure continuous coverage. As a Certified Financial Planner, I'm here to guide you through this process and address any concerns you may have.

Remember, investing in your parents' health is an investment in their happiness and well-being.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: Taking a joint home loan with your friend can be a viable option to fulfill your dream of owning the desired home. Banks typically consider the combined income and creditworthiness of all co-applicants when approving a joint home loan.

In your case, since your friend has 40 lakh rupees for the down payment, you can apply for a home loan of 70 lakh rupees jointly. However, it's crucial to note that each bank has its own lending criteria and may evaluate the loan application based on factors such as income stability, credit history, and debt-to-income ratio.

Before proceeding, it's advisable to discuss the terms of the joint ownership with your friend and seek legal advice to draft a co-ownership agreement outlining the responsibilities, rights, and obligations of each party to avoid any potential conflicts in the future.

Additionally, consult with multiple banks or financial institutions to compare loan offers and choose the one that best suits your requirements in terms of interest rates, tenure, and repayment options.

By leveraging the combined financial strength of both applicants, you can increase the chances of loan approval and make your dream of homeownership a reality.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in