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Baqar Iftikhar

Baqar Iftikhar Naqvi  | Answer  |Ask -

Start-up Mentor - Answered on Sep 27, 2023

Baqar Iftikhar Naqvi is the founder and CEO of Upriver Ecommerce, an online sales accelerator firm and can guide entrepreneurs on how to make their firms grow.He holds a BTech in textile technology from the Central Textile Institute and has a master's degree in marketing and merchandising from the National Institute of Fashion Technology.He has 23 years of experience in the consumer products and retail industry.... more
Asked by Anonymous - Sep 26, 2023Hindi
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Career

Hi I m 38 yrs old and have a huge loss in my business.I had to sell my working unit due to loss in my business and pay all my dues to bank.Now at present I m running same business on rented place.I m not having any savings any liquidity for my future.what should you suggest in this scenario?

Ans: Focus on your business growth. Any business should not look at creating capital assets in terms of land and building till absolutely necessary. So it does'nt matter if you are working from a rented place. Just rebuild your business and build a secure future for yourself. Take limited risks till you are secured financially.
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Ramalingam

Ramalingam Kalirajan  |7228 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Oct 23, 2024

Money
I took a flat last year and at that time my business was running nicely but soon i ran into losses and forcefully i closed my busines and from april 2024 i have no work and very less capital,i have to pay emi and my kids school fees and other expenses which is amounting to 1lakh every month idk how should i come out of this
Ans: You’re facing a challenging situation right now, with no income, high monthly expenses, and financial commitments like EMI and your children’s education. Let’s break down possible steps you can take to regain control of your finances.

Prioritize Your Expenses
EMI and Essential Bills: Your home loan EMI and your children's school fees are non-negotiable expenses. These should be your top priority.

Other Monthly Expenses: Review your household spending. Identify any discretionary expenses that can be cut down. Reducing non-essential spending temporarily can free up some money for necessary payments.

Family Support: If possible, consider seeking short-term financial support from family members. This can help you bridge the gap during this critical period.

Utilize Your Existing Assets
1. Liquidate a Portion of Your Fixed Deposits
You have Rs. 1.5 crore in fixed deposits. This is a significant sum. You could consider breaking a portion of these FDs to meet your immediate needs. While breaking an FD may result in a loss of interest, it will provide the liquidity needed to manage your expenses.

Action Step: Break only the amount you need for 6 months to a year of expenses. This will give you breathing space and reduce financial stress while you find new sources of income.
2. Leverage Your Mutual Fund Investments
You have Rs. 40 lakhs in mutual funds. You might consider redeeming a portion of this to create a cash buffer.

Action Step: Withdraw from the mutual funds that have performed well and where you can incur the least loss due to market conditions. Ensure you leave some investments intact for long-term growth.
3. Emergency Loan Against Investments
Instead of redeeming your mutual funds or fixed deposits, you can explore taking a loan against them. Many banks offer loans against mutual funds or fixed deposits at reasonable interest rates.

Action Step: Taking a loan against your investments will allow you to get liquidity without selling your assets. This can help manage the cash crunch without disturbing long-term savings.
Plan for Income Generation
1. Temporary or Freelance Work
While you may be facing difficulty with your business, consider temporary or freelance work that matches your skillset. Look into short-term projects or consultancy opportunities that can provide you with an immediate source of income.

Action Step: Update your network and look for opportunities that match your expertise, even if they are not as lucrative as your business used to be. A steady income will help you meet your EMI and household expenses.
2. Rent Out Part of Your Flat
If your flat is large or you have extra space, consider renting out a part of it. This can provide a steady stream of income.

Action Step: Explore if there is a demand for rental housing in your area. This could help generate monthly cash flow without you needing to sell any assets.
EMI Restructuring
1. Negotiate with Your Bank
Given your current financial hardship, you can approach your bank for EMI restructuring or loan moratorium. Many banks offer relief in terms of reducing the EMI amount or extending the loan tenure for customers facing financial difficulties.

Action Step: Speak to your bank about your situation. Ask for a moratorium on EMI payments for a few months or request a temporary reduction in EMI amounts.
2. Consider Refinancing Your Home Loan
Another option is to explore home loan refinancing. Refinancing could reduce your EMI burden by securing a lower interest rate.

Action Step: Contact your bank or other financial institutions to explore whether you can refinance the loan at a lower rate.
Education Fee Management
1. Request for School Fee Payment Flexibility
If paying the school fees in one go is challenging, approach your children’s school and explain your situation. Many schools are open to payment plans where fees can be paid in installments.

Action Step: Talk to the school administration about the possibility of extending fee payments or reducing the amount temporarily based on your financial situation.
Focus on Emotional Well-being
This period can be emotionally draining, especially with the pressure of meeting financial obligations. It’s important to stay positive and seek support from family and friends during this tough time. Sometimes sharing the burden with trusted people can help you think more clearly.

Final Insights
You have several options to manage this financial crunch:

Use existing assets: Liquidate or borrow against your fixed deposits and mutual funds.

Look for income: Explore temporary work or renting out part of your property for additional income.

Reduce EMI burden: Negotiate with your bank for EMI relief, and consider refinancing your home loan.

Communicate with the school: Request flexibility in fee payments.

Stay focused and take it step by step. With the right approach, you will be able to manage these challenges and regain financial stability.

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

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Nayagam P

Nayagam P P  |3959 Answers  |Ask -

Career Counsellor - Answered on Dec 08, 2024

Nayagam P

Nayagam P P  |3959 Answers  |Ask -

Career Counsellor - Answered on Dec 08, 2024

Asked by Anonymous - Dec 08, 2024Hindi
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Career
Hello Sir, My Salary is in range of 30k-35k per month. I work as Counselor for study abroad consultancy. My job profile includes counselling, content editing, grooming students for visa and other related paper work. As the job is close to my house, I really don't want to change my job. However with increasing inflation now there is a need to earn more money. Should I stick to counseling current job or should I look for remote job in content editing. I need to earn more money. Also if I do part time jobs will it be okay? Kindly advice
Ans: To manage finances while working, consider the following strategies. Stay in your current job and focus on improving skills for a higher salary. Talk about getting a raise by showcasing how you've helped students succeed and boosted the consultancy's reputation. Enhance your value by acquiring certifications in areas like international education consultancy, digital marketing, or advanced content editing. Consider remote counselling or mentoring opportunities. Set work-life boundaries to avoid burnout and maintain financial discipline. Consider freelancing or local counselling groups for part-time opportunities. Level up your skills to increase earning potential in your current consultancy. Also, fine-tune your LinkedIn Profile with Job Alerts for ABROAD EDUCATION COUNSELLOR Jobs. If affordable, go for one on one counselling/coaching with any reputed Career Coach having specialised knowledge in Job Search Strategies such as Vikram Anand or Sakshi Chandrasekar who can help you in searching for better job options & in fine-tuning your LinkedIn Profile.
All the Best for Your Prosperous Future.

Follow RediffGURUS to Know More on ‘Jobs | Education | Careers’.

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Kanchan

Kanchan Rai  |430 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Dec 07, 2024

Asked by Anonymous - Dec 05, 2024Hindi
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Relationship
I am 39 and married for 11 years now, my husband doesn't support me financially at all. My salary is more than him but I bought house my own and paying all EMIS, looking for all household expenses and also paying school fees and other expenses for my son. My husband looks after only his parents, spend all money on them. Earlier we used to live together in inlaws house but they have spending habits for luxury, cloths, food etc even though my husband earns very less and my father in law retired with no income they were not ready to compromise on their spending habits. Whatever they had received after their retirement they entirety spent on their daughters marriages with no money left. When I got married they asked for my salary and used to give them. Mine and my husband salary was not enough for them so they sold house without informing me, I insisted them to buy at least small house but did not agree and kept on spending money on their lavish life, foreign trips, food, cloths etc. also helped daughters to buy house, maintenance and their childrens study. But did not let their son live life as ask him to pay rent for their house, household and maintenance expenses and they spend their money on their own luxury. They asked for my salary even though they have money and just spending for luxury and not even thinking for our future. When I denied to give salary, they asked me leave their house and made me difficult to live with them doing harrasment and taunts so I decided to leave and buy new house.Now I am living with my son separately, when my husband came to know about my new house he came to stay with us by not even paying single rupee to me. I asked him several time for money he only pays one or two thousand saying I don't have money at all to give you. Not taking care of son, his studies, school fees, do not help me in anything. My in laws keep doing his brain wash against me so that he will not support me financially or anyway. He always listens to his parents and sisters. There is no husband wife relationship at all between us. Not sure how to deal with it.
Ans: First, recognize and honor the strength it has taken to come this far. Buying a home, raising your son, and managing the weight of these challenges on your own are significant accomplishments that reflect your resilience and determination. That said, a marriage is meant to be a partnership, and it’s clear that your husband’s lack of financial contribution and emotional support has created an imbalance that’s unsustainable.

It’s important to look at the patterns in your relationship with clarity. Your husband’s decisions seem to be heavily influenced by his family, and this loyalty, while not inherently wrong, appears to come at the expense of his commitment to you and your shared responsibilities. The fact that he contributes so little financially and emotionally while benefiting from your efforts shows a lack of fairness and respect in the relationship. His parents’ behavior and expectations have added further strain, undermining your marriage and creating an environment of resentment.

You may want to consider having a clear and honest conversation with your husband. Express how his actions—or lack thereof—are impacting you and your son. Frame the conversation not as a confrontation but as a plea for understanding and change. However, if he remains unwilling to acknowledge or address these issues, it’s worth reflecting on what staying in this relationship means for your emotional well-being and future.

Seeking professional support, such as individual counseling, can provide you with a safe space to explore your feelings, gain clarity, and develop strategies for managing this situation. A legal consultation might also be helpful to understand your rights and options, especially if you’re considering separation or seeking financial accountability from your husband for your son’s needs.

Above all, focus on what you need to feel secure, respected, and fulfilled—not just as a wife, but as a person. Your son is observing how you handle these challenges, and by prioritizing your well-being and standing up for fairness, you’re also modeling strength and self-respect for him. Whatever steps you decide to take, trust in your ability to make decisions that align with your dignity and values. You deserve a life where your efforts are met with partnership and mutual care.

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Kanchan

Kanchan Rai  |430 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Dec 07, 2024

Asked by Anonymous - Dec 04, 2024Hindi
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Relationship
Hi i am 43 yrs old, working in a multination firm. Married with a kid who is 7. My relationship with my wife is not going good for some time now, the communication is only transactional. I dont know if she is seeing someone or not, but we feel detached from each other. Now i have developed some feelings at my work with a 24 yr old women, also she seems to be interested in me. But she is also trying to get back to her BF who is studying overseas. I am a bit lost here cause i am toyaly confused on wat to do?
Ans: Open communication with your wife can be incredibly valuable, even if it feels awkward or difficult. Sharing your feelings of detachment and asking her how she feels might provide clarity about where you both stand and whether there’s a willingness to work on rebuilding the connection. Counseling or therapy, either individually or as a couple, can also be a safe space to explore these issues further.

Regarding your feelings for the woman at work, it’s essential to approach this with caution. While the connection might feel exciting and fulfilling, it’s important to ask yourself whether pursuing it is truly in alignment with your values and long-term goals. She also appears to have unresolved feelings toward her boyfriend, which adds another layer of complexity. Relationships born from a place of emotional vulnerability often carry risks, and it’s worth reflecting on whether this is about genuine compatibility or an escape from current challenges.

Your child is also a significant factor to consider. Decisions about your personal relationships inevitably affect your family dynamics, and it’s worth reflecting on what stability and clarity mean for them at this stage in their life.

Take some time to focus on self-reflection. What do you truly want for yourself, your marriage, and your future? What steps can you take to address the current disconnection, whether through repair or a mutual decision to move forward separately? Acting from a place of clarity and integrity will help you feel more grounded and less conflicted about your path forward. You deserve fulfillment, but ensuring that it’s built on a foundation of honesty and thoughtfulness will bring lasting peace, not just temporary relief.

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