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Can't afford expenses on 15k salary? 36-year-old Nilesh seeks side business ideas

Maxim

Maxim Emmanuel  |388 Answers  |Ask -

Soft Skills Trainer - Answered on Sep 30, 2024

Maxim Emmanuel is the marketing director of Maxwill Zeus Expositions.
An alumnus of the Xavier Institute of Management and Research, Mumbai, Maxim has over 30 years of experience in training young professionals and corporate organisations on how to improve soft skills and build interpersonal relationships through effective communication.
He also works with students and job aspirants offering career guidance, preparing them for job interviews and group discussions and teaching them how to make effective presentations.... more
NILESH Question by NILESH on May 25, 2024Hindi
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Career

Sir Myself nilesh from solapur current i am doing job in pvt sector company my age is 36 i can't effort my family expenses because i get only 15000 per month is their any side business for me my job time is 9 to 6

Ans: Hi Nilesh,

I don't know what's your current job and your skill sets to give you an accurate suggestion.

However... What I understand that you are in currently in Solapur and there are plenty of opportunities

Now you are available 6 onwards so you could try looking at delivery personnel jobs, there's a lot of demand in the logistic business
Alternatively a job in a restaurant!?


If you do need further professional advice happy to assist
https://m.me/maxim.emmanuel.2024
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Chandu

Chandu Nair  | Answer  |Ask -

VC, Angel Investing, Entrepreneurship Expert - Answered on Nov 02, 2023

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for past 19 years i am working in a manufacturing company namely Tinplate company of india limited jamshedpur as mechanical engineer i want to do some buniness so that i have some monetory stability and extra income as you know today no one job is fixed forever pl suggest some small business for me so that after i loose my job i can sustain some income
Ans: Mr Azad, you would like to have a side business to generate additional income. You have provided no idea of your skills/expertise/ experience nor of your financial situation (I am guessing that you don't have any surplus to invest in a business).

First and foremost, pl check if your current employer permits moonlighting or having another job even if it is freelance/ gig work. Many companies can take stringent action in this regard.
Second, what skills/expertise/ experience do you have which is distinct from your current job at TCIL? E.g., are you a good writer, or can draw or teach well or translate from one language to another, or cook etc etc. That will help you identify possible alternate income generating possibilities,
Third, how much free time do you have per day? On the weekends? And at what time? That will narrow down the list of ideas.
Fourth, what kind of other infrastructure, manpower support etc is required for the idea? Do you have the ability to get /pay for it? If you don't, you can only do those activities which rely on your time and expertise. You need to be able to give focused attention to it on a sustained business be it tuitions, writing, cooking, generating online content or whatever else you finally choose.
Fifth, do you have access to a set of customers/ buyers who want what you can offer and are willing to pay for it and can you easily reach them?
Once you have gone through these steps, you would have likely identified an idea that can potentially give you an alternate source of income.
Best of luck

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Milind

Milind Vadjikar  |269 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 30, 2024

Milind

Milind Vadjikar  |269 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 30, 2024

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I am 46 year old woman.My current salary is 60000 per month. I have invested few amount in shares and ipo around 60000 . please suggest how to do make better plan for future.My son also in 11 th STD
Ans: Hello;

The value of your current income as after 14 years will be 1.36 L considering 6% inflation over 14 years by the time you are 60 years of age.

If you feel that your expenses may be reduced then and you would need say 70% of the income after 60 age so 70% of 1.36 L gives us a monthly income requirement of around 95 K.

To achieve this target I recommend you to start a monthly sip of 25 K into a combination of pure equity type mutual funds.

You need to top-up the sip amount by minimum 10% each year.

Also I would suggest you not to dabble in direct stocks and reinvest the 60 K sum lumpsum into above referred type of mutual funds.

The sip corpus will grow into a sum of around 1.96 Cr. The lumpsum invested will grow into a sum of around 4 L after 14 years considering a modest return of 13%.

Therefore your comprehensive corpus will be 2 Cr.

If you buy an immediate annuity from an insurance company for your corpus then considering annuity rate of 5.75% you can expect to receive monthly payout of around 95 K.

For your son's education funding you may utilise EPF corpus or seek an education loan.

Happy Investing!!

You may follow us on X at @mars_invest for updates.

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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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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