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Dr Kishore

Dr Kishore Managoli  | Answer  |Ask -

NEET-PG, USMLE, NEXT exam expert - Answered on Mar 27, 2023

Dr Kishore Managoli is the founder and principal educator at Mendell Academy, which provides coaching to medical aspirants appearing for the United States Medical Licensing Examination, National Eligibility cum Entrance Test-PG, the Institute of National Importance Combined Entrance Test, National Exit Test, Professional and Linguistic Assessments Board and United Kingdom Medical Licensing Assessment.
He is a senior pathologist, scientist, medical educator and entrepreneur with over 30 years of clinical experience and interdisciplinary expertise in medical knowledge management, pharmaceutical research and corporate governance.
He has a master’s degree in pathology from Dr V M Government Medical College, Solapur.... more
Asked by Anonymous - Mar 23, 2023Hindi
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Career

Dear sir, my nephew would like to pursue his postgraduation in the US. What do you think would be the right time to appear for Step 1 exam? Does he have the option to choose subjects as well? What is the minimum score to qualify? Kindly advise

Ans: Step1 USMLE can be taken anytime after completing two years in medical college. Step-1 is just a Pass/Fail exam, there are no scores. The students have to prepare for all subjects in the syllabus, they don’t get to choose.
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Sushil

Sushil Sukhwani  |555 Answers  |Ask -

Study Abroad Expert - Answered on Aug 26, 2023

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Hello Mr. Sushil Sukhwani, thanks for your advise. Just need small clarification, my daughter will be going to USA after 12th but in your response it's says after bachelor's so can you pleaase look into this and confirm?
Ans: Hello Deepak,

First and foremost, thank you for contacting us. We are extremely sorry for the part pertaining to Educational prerequisites, having mistakenly written Bachelor’s. Pursuing medical studies in the USA can certainly be fruitful, however, multiple steps are involved in the process, right from preparing for standardized exams to making applications for universities. The application process is as under:

1. Prerequisites:
• Academics: Your daughter will need to complete 12 years of schooling comparable to that of the U.S. high school education. This typically requires completing grades 11th and 12th.
• Standardized Tests: Prepare for and give the requisite standardized tests:
â—¦ SAT or ACT: Undergraduate admissions require one to appear for general standardized exams like the SAT or ACT. Certain universities might favor one over the other.
â—¦ SAT Subject Tests: For competitive programs like medicine, specific subject exams might be needed or recommended by certain universities.
• English Proficiency: If English is not your daughter's primary language, appear for the TOEFL or IELTS English language proficiency test.

2. Research and Choose Universities:
• Universities and medical programs that correspond to your daugther’s academic objectives, choices, and monetary capabilities should be researched.

3. Entrance Tests:
• MCAT: The Medical College Admission Test (MCAT) is required for admission to the majority of American medical schools. An applicant’s comprehension of scientific principles, critical thinking, and problem-solving abilities are assessed in this standardized test.

4. Application Process:
• Online Applications: Via the Common Application or specific university websites, complete online applications.

• Transcripts: Academic marksheets including those of grades 11th and 12th, as well as any other pertinent education should be submitted.

• Recommendation Letters: Your daughter will require outstanding LoRs from professors, mentors, or professionals who can attest to her intellectual prowess and character.

• Statement of Purpose: Typically, applicants must compose a convincing personal statement outlining their purpose to pursue a medical career, relevant experiences, and attributes that make them a viable candidate.

• Extracurricular Activities: Talk about extracurricular activities, community service, leadership roles, and research experiences that you have undertaken.

5. Prepare Your Finances:
• Medical studies can be costly, therefore, budgeting is essential. Look into various scholarship opportunities, grants, and financial aid possibilities that universities offer.

6. Applying for a Visa:
• On being accepted, your daughter must apply for a student visa (F-1 visa) to study in USA. This entails submitting necessary documents, attending an interview at the U.S. embassy or consulate, and proving she can pay for her education and living costs.

7. Pre-departure Preparations:
• Before leaving for the USA, make accommodation, travel, and other essentials arrangements.

8. Arrival and Orientation:
• Once you arrive, adapt yourself to campus life and academic expectations by attending orientation programs organized by the university.

Depending on the university and course, the process can differ a little. Check the official websites of the universities your daughter is interested in frequently and adhere to their particular application guidelines and deadlines.

The medical sector in the USA being highly competitive, securing admission to medical schools can be difficult. Your daughter will need to maintain excellent academic standards, actively participate in extracurricular activities, and perform well on the required exams to increase her admission chances.

In addition, speaking with a qualified educational counselor or advisor who specializes in assisting students apply to foreign universities can provide tailored guidance throughout the application process.

For more information, you can visit our website.

..Read more

Sushil

Sushil Sukhwani  |555 Answers  |Ask -

Study Abroad Expert - Answered on Dec 30, 2023

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Ramalingam

Ramalingam Kalirajan  |7101 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 22, 2024

Money
My age 62, male, getting rental income Rs. 90k nett. Already subscribing 12.5k in PPF for the past 2 1/2 years. No other investments. My target is 5 crores in 10 years. I already have Mediclaim Rs.50 lakhs for me & wife . Please advice me what to do.
Ans: Your current financial foundation is strong and shows promise:

A rental income of Rs. 90,000 per month provides consistent and predictable cash flow. This stability can serve as the backbone for your investment strategy.

PPF contributions of Rs. 12,500 per month for 2.5 years reflect disciplined saving. However, its returns may be insufficient to achieve a high-growth target like Rs. 5 crores in 10 years.

A robust Mediclaim policy of Rs. 50 lakhs for you and your wife ensures adequate health coverage. This safeguard allows you to focus on wealth-building without worrying about medical emergencies.

Despite these positive factors, achieving Rs. 5 crores in 10 years requires a carefully crafted and growth-oriented strategy.

Defining and Prioritising Your Financial Goals
Achieving Rs. 5 crores is ambitious yet achievable with a focused approach:

Define this target as your primary financial goal over the next decade.

Break it into manageable milestones: for example, Rs. 50 lakhs every 1-2 years in cumulative investments and growth.

Prioritise high-return investments that align with your risk tolerance and financial capacity.

Optimising Existing PPF Contributions
While PPF is a secure investment, its growth potential is limited:

Returns: PPF currently offers an interest rate of approximately 7-7.5%, which barely outpaces inflation.

Contribution Review: Consider capping your PPF contributions at Rs. 1.5 lakh annually (to utilise the Section 80C benefit). This ensures that excess funds are redirected to higher-return investments.

PPF can serve as a low-risk component of your portfolio but should not dominate your investment strategy.

Building a Diversified Investment Portfolio
A diversified portfolio will provide a balance of risk and reward. Include the following components:

1. Equity Mutual Funds for Growth
Equity mutual funds are essential for achieving high returns over the long term:

Large-Cap Funds: These invest in established companies and offer stability with moderate growth. They are ideal for a portion of your portfolio to reduce risk.

Multi-Cap or Flexi-Cap Funds: These provide exposure to companies of all sizes, offering growth and diversification.

Sectoral and Thematic Funds: Avoid these unless you have a high risk tolerance and understand market dynamics.

ELSS Funds: These not only provide tax savings under Section 80C but also deliver market-linked returns.

Why Avoid Index Funds?

Index funds may offer simplicity and lower expense ratios, but they lack flexibility. They cannot adapt to market conditions or capitalise on outperforming sectors. Actively managed funds, on the other hand, have the potential to outperform the market, especially in a developing economy like India.

Start with a Systematic Investment Plan (SIP) in selected funds to build wealth steadily.

2. Debt Mutual Funds for Stability
Debt funds add stability to your portfolio and reduce overall risk:

Choose funds with low credit risk and moderate duration to ensure safety and predictable returns.

Debt funds are suitable for short- to medium-term goals or as a fallback during market corrections.

Taxation Note: Both LTCG and STCG on debt funds are taxed as per your income tax slab. This should be factored into your planning.

3. Balanced Advantage Funds
Balanced advantage funds (BAFs) dynamically allocate assets between equity and debt. They:

Provide exposure to equity while minimising downside risk.

Offer a suitable option for someone nearing retirement but seeking growth.

4. Gold Investments for Diversification
Allocate a small portion (5-10%) of your portfolio to gold:

Gold serves as a hedge against inflation and currency depreciation.

Choose gold ETFs or sovereign gold bonds for ease of liquidity and better returns.

Emergency Fund Creation
Having an emergency fund is non-negotiable:

Maintain at least 6-12 months of expenses in liquid investments like liquid mutual funds or high-interest savings accounts.

This ensures liquidity for unforeseen events without disturbing your long-term investments.

Focus on Retirement Planning
At 62, balancing growth and safety becomes critical:

Estimate your monthly retirement expenses, considering inflation over the next 10-15 years.

Your target of Rs. 5 crores should primarily serve as your retirement corpus.

Allocate assets thoughtfully:

60-70% in equity funds for growth.
30-40% in debt funds for stability.
Periodically rebalance your portfolio to maintain this allocation.

Strategic Tax Planning
Tax efficiency can significantly impact your returns:

Continue using Section 80C to its full potential, including ELSS funds and PPF.

Consider the National Pension System (NPS) for an additional Rs. 50,000 deduction under Section 80CCD(1B).

Be mindful of the new taxation rules for mutual funds:

Equity Mutual Funds: LTCG above Rs. 1.25 lakh is taxed at 12.5%; STCG at 20%.
Debt Funds: LTCG and STCG are taxed as per your income slab.
Consult a Certified Financial Planner to optimise your tax strategy.

Regular Portfolio Monitoring and Rebalancing
Investing is not a one-time activity:

Review your portfolio every six months or annually to track performance.

Rebalance your asset allocation periodically to align with your financial goals and risk appetite.

Stay committed to SIPs even during market downturns, as this ensures cost-averaging.

Additional Suggestions
Avoid Over-Reliance on PPF
While PPF is safe, it is not sufficient for wealth creation. Shift excess contributions to equity-based investments for better returns.

Avoid Direct Stocks
Direct equity investing requires time, expertise, and constant monitoring. It carries higher risk and may lead to losses without proper research. Instead, rely on equity mutual funds managed by professionals.

Avoid Mixing Insurance and Investments
Do not invest in ULIPs or endowment plans, as they offer suboptimal returns. Stick to pure insurance products for protection and mutual funds for growth.

The Role of a Certified Financial Planner
To achieve Rs. 5 crores, a well-crafted financial plan is essential. A Certified Financial Planner (CFP) can:

Analyse your current investments and recommend improvements.

Design a customised strategy tailored to your income, expenses, and goals.

Provide periodic reviews to ensure you stay on track.

Finally
Achieving Rs. 5 crores in 10 years is a realistic goal if you adopt a disciplined and diversified approach.

Optimise your PPF contributions and channel excess funds into higher-growth investments.

Build a diversified portfolio with equity and debt mutual funds.

Include a small allocation to gold and maintain an emergency fund.

Stay consistent with your SIPs and review your investments regularly.

Work with a Certified Financial Planner to create a personalised roadmap.

By following these steps, you can secure your financial future and meet your goals.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...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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