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R P Yadav  |304 Answers  |Ask -

HR, Workspace Expert - Answered on Mar 21, 2024

R P Yadav is the founder, chairman and managing director of Genius Consultants Limited, a 30-year-old human resources solutions company.
Over the years, he has been the recipient of numerous awards including the Lifetime Achievement Award from World HR Congress and HR Person Of The Year from Public Relations Council of India.
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Pooja Question by Pooja on Mar 21, 2024Hindi
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Sir my name is Pooja I'm from Mumbai.. I am always concerned my job. After graduation i worked in call centre because I'm not aware of jobs i got then I did that time. I told my friend i m working as Customer service.. they look cheap !! Eww she is working.. but my goal is to get job in good finance profile I'm getting in accounts executive profile and that are 40+ km from my hometown to travel. Idk what I do ? Should I do that job or and also jobs was very far from where I live like a 40 km or 50km. Is it worth?? I want to do but traveling k vajah se raat bhut late hoga wahi soch Rahi hu ! Please give me a suggestion. I would love to hear back.

Ans: Hello Pooja, it’s great to hear from you. Your concerns about your job and travel are completely valid. Here are a few things you might consider:

Job Satisfaction: It’s important to find a job that aligns with your career goals and interests. If the finance profile is what you aspire to, then it might be worth considering, even if it’s a bit far.
Travel Time: Long commutes can be tiring and can affect your work-life balance. However, some people use this time to read, learn new things, or relax by listening to music or podcasts.
Safety: Since you mentioned that you might get home late due to the commute, consider the safety aspect as well.
Opportunities Closer to Home: Keep looking for opportunities that might come up closer to your home.
Remote Work: With the current trend of remote work, many companies offer flexible work-from-home options. You could look for such opportunities in your desired profile.
Remember, it’s your decision at the end of the day. Consider all factors including your health, safety, interest in the job profile, and work-life balance. Hope this helps
Career

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Harsh

Harsh Bharwani  |56 Answers  |Ask -

Entrepreneurship Expert - Answered on Aug 11, 2023

Career
Hi Harsh, how are you. I am working as a quality control manager in pharma industry with total experience of 14 year. After first lock down i were started my own business of agriculture inputs with my job and also working as a astrologer on Astrotalk but I am not happy with all of this. I love to travel and in all my job business I dont have time for me. Can you please suggest me some job or business in which I earned decent money (near about 50K) with lots of time to travel all around world right now I an earning near about 3lakh per month but I lost my time, relation, friends and every think which I earned before money. My age is 36 right now.
Ans: 4 types of trip jobs There are numerous different ways to travel while working. All of the trip jobs listed in this composition fall into one of the following orders Digital rambler jobs Jobs that pay to travel Expats working and traveling abroad Rambler jobs Some types of trip jobs bear a high position of moxie, and some are not as flexible as others. still, they all give you the means to cover some( or each) of your trip charges.

1. Digital rambler jobs Digital gadabouts are people who travel while working online. As a result, digital rambler jobs give an enormous quantum of inflexibility and independence when traveling. exemplifications of digital gadabouts include freelance inventors, graphic contrivers, and drop shippers. With this type of trip job, all you need is a dependable internet connection and a laptop. You can travel to the stylish digital vagabond metropolises and work from coffee shops, hospices, or co-working spaces. The jobs are frequently completely remote.

2. Jobs that pay to travel This type of job encompasses traditional trip jobs, generally in the hospitality and tourism diligence. exemplifications of jobs that pay to travel include voyage boat workers, flight attendants, and stint attendants. These jobs frequently mandate when and where you get to travel and frequently give free accommodation. So while there’s lower freedom than in digital rambler jobs, these jobs may be easier to get if you have previous experience working in hospitality.

3. Expats working and traveling abroad The term “ expat ” stands for “ émigré. ” It refers to people who are citizens of one country but decide to live and work in another country. exemplifications of expat trip jobs include English preceptors, au dyads, or government workers. Expats might live in other countries for just a many months or times at a time. So, if you’d prefer to work outside your home country and sink your teeth into a new culture or language, this may be the dream job for you.

4. Rambler jobs Let me give it to you straight Rambler jobs are presumably the least glamorous, taking you to work long hours for a minimum pay envelope. exemplifications include bartenders, hotel workers, and probing preceptors. Still, this type of trip job has a lot of benefits. These entry- position trip jobs don’t generally bear a computer or council degree. They also give plenitude of inflexibility so you can travel at your own pace. Plus, chancing original work while traveling is one of the stylish ways to meet intriguing people and experience different societies. 25 stylish trip jobs to make plutocrat while traveling the world Now that you understand the types of trip jobs available, let’s dive a bit deeper. Then are 25 of the stylish jobs for people who like to travel. Let’s launch with jobs that you can do with just a laptop and an internet connection.

5. Digital rambler jobs
1. Web design/ development A common job for digital gadabouts is web design and development. To start, learn how to produce a website. Or try searching for jobs on spots like GitHub Jobs and Up work.
2. Writing These days, it’s possible to make plutocrat writing about nearly anything. Look for jobs on spots like Freelance Writing, Blogging Pro, and Pro blogger. Freelance Writing Jobs
3. Graphic design Do you love graphic design? Why not turn your passion into a job that covers your trip costs? You can find graphic design traveling jobs on spots like Freelancer and Dribble. Dribble Graphic Design Jobs
4. Trip blogger numerous people make plutocrat with trip blogging. still, it can take time to make a sustainable income from this source. To find out further, check out How to Start a trip Blog.
5. Drop shipper might just be the stylish job to travel the world. It’s a hands-off approach to dealing physical products online. You manage your store and promote products to your target request. also, your supplier will transport the products to guests on your behalf. To get started and gain experience, read How to Start a Drop shipping Business.
6. Online tutoring/ instructor tutoring online is one of the stylish trip jobs, thanks to its low hedge to entry.However, you can be over and running in no time, If you’re a native English speaker and love to educate. To learn more, check out our full-length companion, Online Teaching Everything You Need to Know.
7. Online translator still, consider getting an online translator, If you’re fluent in further than one language. This job makes it easy to travel while working. Plus, there are plenitude of websites out there to help you find implicit guests, similar as Translators Base. Translators Base Job Boards
8. Digital marketer in numerous businesses need help with digital marketing. Like numerous of the stylish trip jobs, digital marketing is not commodity you can learn in a week or two. still, there are plenitude of free coffers online to help you come a digital marketer and make big bucks while traveling! Get started with this composition Digital Marketing Made Simple The Complete freshman’s companion.
9. Programmer If you know how to decode — or you would love to learn — you could travel the world while working as a computer programmer. There are plenitude of websites out there that educate programming, similar as Free Code Camp,Code.org, and Code Academy.
10. Virtual adjunct numerous businesses and individualizes hire people to help them with executive tasks, like scheduling and responding to client inquiries. These people are known as virtual sidekicks. To learn more, check out How to Come a Virtual Assistant.
11. client service agent Are you great with people? Do you have plenitude of tolerance and a genuine desire to help? Tons of businesses hire remote client service agents. To find client service jobs, check out remote job boards like Flex Jobs, Just Remote, and We Work Ever. We Work Ever Jobs that pay to travel Do you want to travel for a living? Then are some jobs with trip openings.
12. Yacht worker This trip job nearly sounds too good to be true. You can travel for a living on some rich person’s luxury yacht — you just have to earn your upkeep as a deckhand or slave! The yacht is like a free house because you do not pay rent. Look for yacht trip jobs on spots like Ya crew and Blue water.
13. Cruise boat worker still, consider working on a voyage boat, If you ’d rather sail on a bigger boat. This type of trip job provides plenitude of work openings. For illustration, you can work as a server, bartender, cleanser, lifeguard, or musician. Try searching for jobs on websites like All voyage Jobs, Indeed, and Cruise Job Finder. Jobs That Pay to Travel All Cruise Jobs
14. Flight attendant Working as a flight attendant provides plenitude of openings to travel different countries, with airline and hostel abatement to charge! still, the hours can be long, and spurt pause is a common circumstance. You can find flight attendant openings on Indeed and Airline Career.
15. shooter Photography could be your round the- world ticket. It’s not easy to turn this hobby horse into a career, but numerous people achieve it every time. Make sure to specialize in a niche geared for trips, similar as destination marriages or trip photography. To learn more, check out this companion on How to Start a Photography Business. Expat jobs still, consider living abroad long term with these trip jobs, If you want to immerse yourself in a different culture.
16. English schoolteacher To come an English schoolteacher, it’s likely you’ll need a TEFL( educate English as a foreign language) instrument. Find out further on TEFL’s website or look for jobs on Go Overseas. Jobs Related to trip TEFL.
17. Scuba diving educator Do you love scuba diving? If you get good, you could educate scuba diving each over the world, from India to Iceland. To learn more, check out the Professional Association of Diving preceptors or look for jobs on Dive zone and Go Abroad.

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Latest Questions
Ramalingam

Ramalingam Kalirajan  |1974 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Asked by Anonymous - May 06, 2024Hindi
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Hello sir, my question is like stocks, can we watch Mutual Funds live every day along with stocks G S Kumar
Ans: No, unlike stocks, you cannot watch Mutual Funds "live" every day like you can with stocks. Here's why:

Trading Frequency: Mutual funds are typically traded only once a day, at the Net Asset Value (NAV) calculated after the market closes. Stocks, on the other hand, trade continuously throughout the trading day, so their price fluctuates constantly.

NAV Calculation: The NAV of a mutual fund reflects the underlying value of all the assets it holds (stocks, bonds, etc.). This value is calculated only after the market closes when the final prices of those assets are known.

However, you can still track the performance of your mutual funds regularly. Here are some ways:

Mutual Fund Websites: Most mutual fund companies update their websites daily with the NAV of their schemes. You can find the latest NAV for your funds there.

Investment platforms: If you invest through an online investment platform, they will typically display the latest NAV of your holdings within their interface.

Financial News Websites: Many financial news websites provide mutual fund quotes, although these might not be the most up-to-date NAV.

While you can't watch mutual funds live, tracking their NAV daily isn't necessary. Focus on your long-term investment goals and avoid making impulsive decisions based on short-term fluctuations.

Here are some additional points to remember:

Focus on Long-Term: Mutual funds are meant for long-term wealth creation. Don't get caught up in daily NAV movements.
Periodic Reviews: Regularly review your mutual fund portfolio (quarterly or annually) to ensure it aligns with your goals.
Professional Guidance: Consider consulting a Certified Financial Planner (CFP) for personalized investment advice.
I hope this explanation clarifies the difference between tracking stocks and mutual funds.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |1974 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Asked by Anonymous - May 06, 2024Hindi
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Money
Hi I am 24 years old and currently earning 51k per month and getting increase by 15% per year. I have savings of 5 lac and I would like to create a corpus of 1 crore by 2030. My mother is suffering from arthritis and her condition is good but medicines will continue. I am seeking for a medical policy for her but unfortunately, companies are not ready to provide. What will be the best way to have a good medical policy for her along with my goal of 1 cr corpus?
Ans: Creating a corpus of 1 crore by 2030 while ensuring a good medical policy for your mother is crucial. Given the difficulty in obtaining a policy due to her arthritis, let's evaluate options.

Firstly, let's address your goal. With your current salary and annual increment, achieving a corpus of 1 crore by 2030 is feasible. Regularly invest a portion of your income in diversified portfolios managed by a Certified Financial Planner.

Regarding your mother's medical needs, since companies are hesitant to provide policies, consider setting aside a portion of your savings as a medical contingency fund. This fund can cover her ongoing medication expenses and any unforeseen medical emergencies.

Additionally, explore alternative avenues such as group medical insurance policies offered by professional associations or government schemes catering to senior citizens. These options might provide coverage despite her pre-existing condition.

While it's challenging to find a suitable medical policy, it's essential to remain proactive and explore all available options. Consult with a Certified Financial Planner to tailor a financial plan that accommodates both your investment goals and your mother's healthcare needs.

In conclusion, achieving your financial goals while ensuring your mother's well-being requires careful planning and consideration of various options. Stay diligent, and with the right strategy, you can navigate these challenges successfully.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |1974 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Asked by Anonymous - May 06, 2024Hindi
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I'm 27 years old and my monthly salary is 50k. I started investing in MF via SIP of around 20k monthly and its been 3 months now. I have also started an emergency fund and I have around 20-30k in that fund. I pay roughly 9k on rent, 10k on EMIs which will be over in 4 months and I spend roughly 8-10k on groceries, transport, utilities etc. I wish to build a corpus of around 50 lacs - 1 cr by the time i get married when I turn 35. How should I continue investing and how can i achieve my goal?
Ans: It's commendable that you've started investing at a young age and have already begun building an emergency fund. Let's outline a plan to help you achieve your financial goal of building a corpus of 50 lakhs to 1 crore by the time you turn 35.

Review Current Investments: Continue your SIP investments in mutual funds as you've been doing. Since you're comfortable with a monthly SIP of 20k, ensure that the funds you've chosen align with your risk tolerance and long-term financial goals.

Increase Savings: As your income grows or expenses decrease (such as after paying off your EMIs in 4 months), consider increasing your monthly SIP contributions. Aim to allocate a higher percentage of your salary towards investments while maintaining a healthy balance for living expenses and savings.

Diversify Portfolio: While SIPs are a great way to invest systematically, consider diversifying your investment portfolio by exploring other asset classes such as equity, debt, and possibly real estate in the future. Diversification helps spread risk and maximize returns over the long term.

Monitor and Rebalance: Regularly review the performance of your investments and make adjustments as needed. Rebalance your portfolio periodically to ensure it remains aligned with your financial goals and risk tolerance.

Emergency Fund: Continue building your emergency fund until it reaches at least 6-12 months' worth of living expenses. This fund will provide a financial safety net in case of unexpected expenses or job loss.

Set Milestones: Break down your financial goal of 50 lakhs to 1 crore by age 35 into smaller, achievable milestones. Set targets for each year or every few years to track your progress and stay motivated.

Seek Professional Advice: Consider consulting with a Certified Financial Planner who can provide personalized guidance based on your financial situation and goals. They can help you create a customized financial plan and provide recommendations for achieving your target corpus.

By staying disciplined in your savings and investment approach, increasing your contributions over time, and periodically reviewing your portfolio, you can work towards achieving your goal of building a significant corpus by the time you get married.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |1974 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Asked by Anonymous - May 05, 2024Hindi
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Hi, I am 35 old with having private sector job. I had savings about 2L from RD, but during job seeking it is uitlized fully. Now again started job 6 months back with in hand 55K. I have savings of SIP (inclusive profits ) upto 5.8L, and RD of 56K, NPS around 2.9L (inclusiv profits). having NO FD. RD, SIP & NPS is stopped from 1.5 years back. I am planning to invest in land for home which cost around 33L for 9Months period. So, here will have to pay 25% amount for first month to land owner, and will need to pay continue from salary about 40K for remaining 9 months. Have some gold during marriage. so it may give upto 1.5L. After 9 months completed, will take property/land loan with monthly EMI of 40K to 50K. Request some suggestion for financial management and new savings idea.
Ans: It sounds like you're navigating a significant transition period with your job and housing plans. Let's outline some steps for your financial management and explore new savings ideas.

Evaluate Current Finances: Firstly, assess your current financial situation, including your savings, investments, and liabilities. Understand your cash flow and expenses to make informed decisions.

Budgeting: Develop a monthly budget considering your income, expenses, and savings goals. Allocate funds for essential expenses, loan EMIs, and savings for your future goals, including the land purchase and eventual home loan EMIs.

Emergency Fund: Prioritize building an emergency fund to cover unexpected expenses or financial emergencies. Aim to set aside at least three to six months' worth of living expenses in a liquid savings account.

Resume SIPs and NPS Contributions: Consider restarting your SIPs and NPS contributions to continue building your investment portfolio for long-term financial security. These systematic investments can help you accumulate wealth over time.

Land Purchase: Since you're planning to invest in land for a home, ensure thorough due diligence before proceeding. Evaluate factors like location, legal clearances, and future development prospects. Negotiate payment terms that align with your financial capabilities.

Loan Planning: When taking a property/land loan after nine months, ensure you're comfortable with the EMI payments and factor them into your budget. Compare loan options from different lenders to secure the best terms and interest rates.

Gold Assets: While gold can provide liquidity, consider diversifying your investments into other asset classes for long-term growth potential. Review your gold holdings periodically and decide whether to continue holding or liquidate based on your financial goals.

New Savings Ideas: Explore additional avenues for savings and investments, such as:

Tax-saving investments like Equity Linked Savings Schemes (ELSS) or Public Provident Fund (PPF).
Regular contributions to a retirement corpus through schemes like the National Pension System (NPS) or Voluntary Provident Fund (VPF).
Building a diversified investment portfolio with a mix of equity mutual funds, debt instruments, and possibly real estate investment trusts (REITs) for added diversification.
Remember to consult with a financial advisor to tailor a plan that aligns with your specific financial goals and risk tolerance. Stay disciplined in your savings and investment approach to achieve long-term financial stability and security.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |1974 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

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I am 52, SIP in MF or stocks will grow most in next 6 years
Ans: Considering your age and the relatively shorter time horizon of six years, Mutual Funds (MFs) appear to be a more suitable option for potential growth compared to individual stocks.

Mutual Funds offer diversification across a basket of securities, reducing the risk associated with investing in individual stocks. With professional fund management, MFs aim to deliver optimal returns while managing risk effectively.

Moreover, MFs offer a range of options catering to various risk appetites and investment goals. You can choose from equity funds, debt funds, balanced funds, etc., based on your risk tolerance and financial objectives.

Additionally, MFs provide liquidity, allowing you to easily buy and sell units as needed. This liquidity feature is particularly beneficial if you anticipate needing access to your funds within the next six years.

Furthermore, MFs offer the advantage of SIPs (Systematic Investment Plans), enabling you to invest regularly over time, which can potentially help mitigate the impact of market volatility through rupee-cost averaging.

While individual stocks may offer the potential for higher returns, they also come with higher risks, especially in a relatively short six-year timeframe. Stock prices can be volatile and subject to market fluctuations, making it challenging to predict consistent returns within a short period.

In summary, Mutual Funds offer a balanced approach to investment, combining diversification, professional management, liquidity, and the convenience of SIPs, making them a preferable choice for potential growth over the next six years.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |1974 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Asked by Anonymous - May 03, 2024Hindi
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Hi Sir Kindly review my SIP . I have SIP in UTI NIFTY 50 index fund of rs 10000, parag Parikh flexi cap fund of rs 5000, bandhan nifty 50 index fund of rs 14000 , quant small cap fund of rs 1000. Please suggest if any modifications are required.
Ans: It's great to see you investing through SIPs, a disciplined approach towards wealth creation. Let's review your portfolio and make some suggestions.

Starting with UTI NIFTY 50 Index Fund, investing in a broad market index like NIFTY 50 can provide exposure to the overall performance of the Indian equity market. It's a good choice for passive investors seeking market returns.

Parag Parikh Flexi Cap Fund offers a diversified portfolio with flexibility to invest across market caps and sectors. It's known for its consistent performance and prudent investment approach.

Bandhan Nifty 50 Index Fund provides exposure to the NIFTY 50 index, similar to UTI NIFTY 50 Index Fund. However, having two funds tracking the same index might lead to overexposure and lack of diversification.

Active vs. Passive Management:
While you've included both actively managed mutual funds and index funds (ETFs) in your portfolio, it's important to understand the differences between the two. Actively managed funds aim to outperform the market through active stock selection and portfolio management, while index funds passively track a specific index's performance.
Benefits of Actively Managed Funds:
Actively managed funds offer the potential for higher returns compared to index funds, especially during market inefficiencies or when skilled fund managers can identify lucrative investment opportunities. Additionally, active management allows for flexibility in portfolio construction and adjustments based on market conditions.
Potential Disadvantages of Index Funds:
While index funds offer low expense ratios and broad market exposure, they may lack the potential for outperformance compared to actively managed funds. Additionally, they're subject to tracking error, which occurs when the fund's performance deviates from the index it's designed to replicate.

Quant Small Cap Fund invests in small-cap stocks, which have the potential for high growth but come with higher volatility and risk. While small-cap funds can be rewarding in the long term, they require patience and a higher risk appetite.

Considering your current portfolio, here are some suggestions:

Diversification: Since you already have exposure to NIFTY 50 index through UTI and Bandhan funds, you might consider reallocating the investment in Bandhan Nifty 50 Index Fund to a different asset class or fund category for better diversification.

Risk Management: Given the volatility associated with small-cap funds, evaluate your risk tolerance and consider whether you're comfortable with the risk-return profile of Quant Small Cap Fund. You may adjust the allocation or switch to a less volatile option if needed.

Review Regularly: Keep an eye on the performance of your funds and review your portfolio periodically. As your financial goals and market conditions evolve, you may need to rebalance your portfolio or make adjustments accordingly.

Seek Professional Advice: Consulting with a Certified Financial Planner can provide personalized guidance tailored to your financial situation and goals.

Overall, your portfolio reflects a mix of passive and actively managed funds, providing diversification across market segments. Ensure you stay invested for the long term and maintain a disciplined approach towards your SIPs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |1974 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Asked by Anonymous - May 03, 2024Hindi
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Money
Iam 40yrs old with 1.6lakhs take home with house wife and 3 yr old baby girl. Below is my current financial condition: 1. Taken Home loan for 35 lakhs for apartment worth of 55lakhs in 2022 with emi requirement of 41k for 11yrs (iam paying monthly 45k and one extra 45k emi yearly) 2. Took Gold loan of 11lakhs in 2022(paying from mar2024 onwards monthly 35k) for apartment purpose 3. Holding 2440 sqft land costs 25lakhs in 2021 now it is 35lakhs planned for baby girl marriage 4. 5lakhs emergency fund in FD 5. 6 lakhs FD for SBI life smart wealthbuilder plan purpose for next 6yrly premium payment, 6. Equity 5lakhs invested now mkt value 8lakhs, 7. Mf 8lakhs now 11lakhs (monthly 20k for 10 different funds with 1k stepup yearly) 8. EPF 20lakhs not withdrawn from beginning for retirement plan 9. Ssy 1.2lakhs for baby girl education (monthly 6k) 10. Ppf 50k for baby girl education (monthly 3k) 11. Nps 4.9lakhs now 6lakhs (monthly 12k from company deduction and 50k annually from my side) 12. Holding agriculture land 1acre 7lakhs near hometown purchased in 2018 now it is same price no increase... Holding bcoz I like to have agriculture land... 13. Holding Gold coins 50gms purchasing when there is Amazon offers.. for baby girl ornaments purpose 14. Term insurance 1crore for me and 50lakhs for my wife purchased in 2022 15. Health insurance 20lakhs with premium 60k for 3yrs purchase in 2022... Monthly 1.6lakhs take home spending as below: 1. 45k home loan emi (annually 45k as one extra emi) 2. 30k mf sip ( 3k each for 10 funds - quant infra, quant smallcap, quant elss, 360 one focused, canara robeco smallcap, canara robeco emerging, mirae largecap, pgim flexicap, parag elss, ICICI prudential technology fund) 3. 35k gold loan prepayment 4. 35k home maintenance expenses 5. 10k ssy and ppf 6. 5k apartment maintenance 7. 45k LIc premium annual requirement 8. 40k term loan premium annual requirement taken 1crore for me and 50lakhs for my wife total to 40k premium 9. 30k annually for bike insurance, services and other maintenance 10. 1.3lakhs for baby girl school fees from this year 50% already paid 50% to be paid in oct 2024 11. 60k premium for health insurance once for 3 years purchased in 2022... I have few ask sir: 1. Want to buy 13 to 15Lakhs car.. when to buy with my financial condition and I have no down payment free cash now 2. Should I change my financial saving/investment please suggest as I am not having any free cashflow post the monthly commitment 3. Want to generate 2nd source of income suggest plz which is good to have it 4. Want to become financial freedom by next 10years so what I need to do for it and plan better... Also suggest any changes to current plan
Ans: It's wonderful to see your proactive approach towards financial planning, especially at a young age. Congratulations on your investments and upcoming milestone of starting a family!

Having a stable base with a home and a car is a significant advantage, allowing you to focus more on building your savings and investments.

Investing in ELSS (Equity Linked Savings Scheme) is a smart move, considering its potential for wealth accumulation over the long term and tax-saving benefits under Section 80C of the Income Tax Act. However, it's essential to diversify your portfolio to spread risk.

Given your goal of accumulating 3 crores by the age of 55, you have a considerable time horizon ahead. It's advisable to adopt a disciplined approach towards saving and investing regularly. Consider allocating your savings across different asset classes like equities, debt, and possibly real estate or other alternative investments, depending on your risk appetite and financial goals.

As you're starting a family soon, it's crucial to ensure adequate financial protection for your loved ones. Look into term insurance plans to provide financial security to your family in case of any unfortunate event.

Moreover, since you're relatively new to equity trading and have experienced some losses, it's essential to approach it with caution. Consider focusing more on long-term investments like mutual funds rather than speculative trading, especially considering your long-term financial goals.

As your income grows, aim to increase your savings and investments proportionately. Regularly review your financial plan and make adjustments as needed to stay on track towards achieving your goals.

Remember, patience, consistency, and discipline are key to building wealth over the long term. Best wishes for your journey towards financial independence and starting a family!

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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