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Sushil Sukhwani  |438 Answers  |Ask -

Study Abroad Expert - Answered on Jun 18, 2024

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
Sunil Question by Sunil on Apr 08, 2024Hindi
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Career

Namaskar, My daughter is 21 Years old now and had done 12th (Medical) in 2021 and attempted for NEET in 2021 and 2022, but not got selected. Now she wants to study in USA only (no other country) and want to do some graduation in psychology there. We have tried to make her about our financials and suggested to do graduation from India and then go for post graduation from USA. But she is not ready. Now she is at home only and doing nothing, not learning anything since 2021-22. Always just talking to her friends who are also doing nothing but they are married but have their life set. We have applied for US visa once but got rejected in visa interview. Now she is just waiting for Jun-24 to reapply. Please guide. Thanks

Ans: Hello Sunil,

To begin with, thank you for contacting us. I am happy to hear that your daughter completed her 12th in 2021 and now intends studying in the USA only. To answer your question first, I would like to tell you that your daughter’s desire to study in the USA is understandable, nevertheless, it is also crucial to take into account practical and monetary considerations. Given, your daughter is determined to study in the USA, I would suggest that you look into scholarships or other forms of monetary assistance to help alleviate the cost. I would like to let you know that in the USA, community colleges frequently charger lower tuition fees, and transferring to a university after two years may be more cost-effective. Moreover, your daughter might begin by strengthening her profile with pertinent activities or online psychology courses, which can in turn, boost her visa application and increase her chances of receiving scholarships.

Meanwhile, I would recommend that you motivate her to participate in activities that will help her improve her abilities and resume viz., volunteering work, internships, or part-time jobs in associated fields. This not only keeps her busy but also strengthens her application for both, visas and universities. Your daughter could increase her chances of being accepted if she reapplies for the visa in June 2024 with a more polished profile and a thoroughly thought-out application. Lastly, I would suggest that you have an open and encouraging discussion with your daughter, balancing her objectives with useful guidance on different routes to attain her objectives.

For more information, you can visit our website: www.edwiseinternational.com

You can also follow us on our Instagram page: edwiseint
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Asked by Anonymous - Jul 15, 2024Hindi
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Money
I am 45 with 7 LPA salary. I have a purchased plot. I want to move out of my current house in 2 years. Should I build a house or purchase a flat?
Ans: Your Current Situation
At 45 years old with a salary of Rs 7 lakhs per annum, you own a plot and plan to move out of your current house in 2 years.

Key Considerations
Let's evaluate whether you should build a house or purchase a flat based on several factors.

Financial Assessment
Building a House
Pros:

Customization: You can design it according to your preferences and needs.

Potential Cost Savings: Building can be cheaper per square foot compared to buying a ready-made flat, depending on the area.

Appreciation: The value of a well-built house on your own plot may appreciate more over time.

Cons:

Time-Consuming: Construction can take a long time, potentially more than 2 years.

Management: Requires constant supervision and dealing with contractors, which can be stressful.

Initial Costs: High initial outlay for construction materials and labor.

Purchasing a Flat
Pros:

Convenience: Ready to move in, no waiting period or construction hassle.

Amenities: Flats often come with amenities like security, maintenance, gym, pool, etc.

Fixed Cost: Fixed price with no unexpected expenses compared to potential construction overruns.

Cons:

Less Customization: Limited to the builder's design and layout.

Maintenance Costs: Monthly maintenance charges can be high in some apartments.

Appreciation: Flats may appreciate less compared to individual houses on plots.

Lifestyle Considerations
Building a House
Privacy: More privacy and space compared to flats.

Expansion: Easier to expand or modify in the future as per your needs.

Community: Less communal living; more suited for those who prefer privacy.

Purchasing a Flat
Community Living: Better community interaction, good for families.

Security: Enhanced security measures compared to independent houses.

Maintenance: Professional maintenance of common areas and facilities.

Long-Term Goals
Financial Goals
Investment Potential: Consider long-term appreciation potential. A well-built house may offer better returns.

Future Expenses: Think about long-term maintenance and repair costs for both options.

Personal Goals
Retirement Plans: Consider which option suits your retirement lifestyle better. Flats often offer a more carefree lifestyle with less personal responsibility for maintenance.

Family Needs: Assess the needs of your family. Flats might be more suitable for small families or those who value community amenities.

Final Insights
Recommendation
Based on your situation, I recommend assessing the following before making a decision:

Time and Stress: If you have the time and are willing to manage construction, building a house can be rewarding. If not, purchasing a flat is convenient and less stressful.

Financial Position: Ensure you have a clear budget. Building a house can have unexpected costs. Flats have fixed pricing.

Long-Term View: Consider your long-term living and investment goals. Flats offer convenience and community, while a house offers privacy and potential higher appreciation.

Ultimately, the decision depends on your personal preferences, financial readiness, and long-term goals.

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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