Home > Career > Question
Need Expert Advice?Our Gurus Can Help
Sushil

Sushil Sukhwani  |355 Answers  |Ask -

Study Abroad Expert - Answered on Sep 26, 2023

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
Sandeep Question by Sandeep on Sep 24, 2023Hindi
Listen
Career

My son is planning his MS in AI and ML in USA, can you please suggest me which are the best Public and Private Universities in USA for AI and ML domain.

Ans: Hello Sandeep,

Thank you for contacting me. I am certainly happy to learn about your son’s plans on pursuing his Master’s in Artificial Intelligence and Machine Learning in the USA. A few of the USA’s leading public and private universities that I believe are renowned for their robust AI and ML Master’s program and that you should consider have been listed below by me. Each university’s standing and the courses offered by them may have changed, so I recommend that you visit the official website of each university for the most recent information. You could also get in touch with your son’s educational counselors.

State-run or Community Colleges/Universities:
Your son could possibly consider these universities for his Master’s degree:

1. Stanford University
2. University of Michigan, Ann Arbor
3. University of California, Berkeley
4. University of Illinois at Urbana-Champaign, and
5. University of Washington

Universities in USA that are privately-run:
Your son could decide to pursue his Master’s in AI and ML at any of these below mentioned universities:

1. California Institute of Technology (Caltech)
2. Columbia University
3. Stanford University
4. Princeton University
5. Carnegie Mellon University
6. Massachusetts Institute of Technology popularly known as MIT, and
7. Harvard University

Applying to these universities can be cut-throat, and in order to enhance his chances of securing admission to any of these institutions, I recommend that your son should possess an exceptional educational history, along with a compelling personal statement, and recommendation letters. He should also look into the university’s location, and cost of studying at that university when deciding to study there.

To acquire latest knowledge about the programs in Artificial Intelligence and Machine Learning, as well as the university’s faculty members, and prerequisites for applying, I suggest that you browse each university’s official website where you will also get information about the recent rankings. To gain a better understanding of the courses offered, do not forget to contact students who are presently studying at these universities or get in touch with the university’s faculty.

For more information, you can visit our website.
Career

You may like to see similar questions and answers below

Aashish

Aashish Sood  |100 Answers  |Ask -

CAT, Management Expert - Answered on Sep 23, 2023

Asked by Anonymous - Sep 23, 2023Hindi
Listen
Career
My Son is in final year of engineering. We are planning his MS in USA and his main domain is into AI & ML, can you please suggest me which are top 10 Universities in USA for AI & ML
Ans: 1. Massachusetts Institute of Technology (MIT) - MIT has a strong reputation for computer science and AI research, with the MIT Computer Science and Artificial Intelligence Laboratory (CSAIL) leading the way.

2. Stanford University - Stanford is known for its contributions to AI and ML, and it offers a variety of research and educational opportunities in these fields.

3. University of California, Berkeley - UC Berkeley is renowned for its AI and ML research, with strong connections to industry in the Silicon Valley area.

4. Carnegie Mellon University - Carnegie Mellon's School of Computer Science is highly regarded for its AI and ML programs, and it has close ties to industry and robotics.

5. California Institute of Technology (Caltech) - Caltech is known for its cutting-edge research in AI and ML, with a focus on both theoretical and practical applications.

6. University of Washington - The Paul G. Allen School of Computer Science & Engineering at the University of Washington is known for its AI and ML research and strong industry connections.

7. University of Illinois at Urbana-Champaign - This university has a strong AI and ML program, with a focus on research and innovation.

8. University of Texas at Austin - UT Austin is known for its research in AI and ML, particularly in natural language processing and computer vision.

9. Harvard University - Harvard has a growing presence in AI and ML research and offers various courses and opportunities in these fields.

10. University of Michigan - The University of Michigan's School of Information and College of Engineering offer programs in AI and ML, with a focus on interdisciplinary collaboration.

..Read more

Sushil

Sushil Sukhwani  |355 Answers  |Ask -

Study Abroad Expert - Answered on Oct 23, 2023

Asked by Anonymous - Oct 14, 2023Hindi
Listen
Career
My daughter will complete her B.Tech in CSE in May 2024. She is undergoing all possible guidance for Masters degree in Machine Learning in US. However the choice of college in US seems little tricky. Can you please suggest a few colleges for MS in machine learning in US?
Ans: Hello,

First and foremost, thank you for getting in touch with us. I am glad to hear that your daughter plans to pursue her Master’s degree in Machine Learning in the USA. As an answer to your query pertaining to a few colleges known for their robust MS programs in Machine Learning in the USA, I would recommend that your daughter takes into account and considers applying to these below mentioned colleges:

Massachusetts Institute of Technology (MIT), University of California, Los Angeles (UCLA), University of Texas at Austin, Stanford University, University of California, Berkeley, University of Illinois at Urbana-Champaign, University of California, San Diego (UCSD), Carnegie Mellon University, Georgia Institute of Technology, and University of Washington.

Remember, for students seeking a Master’s degree in Machine Learning, the aforementioned universities are highly regarded for the Computer Science and Machine Learning programs they offer. Not just that, a vast array of possibilities are also offered by them. In order for your daughter to find the one that best resonates with her educational as well as professional ambitions, I would recommend that she conducts a comprehensive study on the particular programs each individual university has to offer, the prerequisites for admission set forth by them, as well as the experience of the faculty members. Not just that, before finally making an informed choice, the university’s location, availability of scholarships and other forms of monetary assistance as well as the setting your daughter likes to study in should be taken into account by her.

For more information, you can visit our website.

..Read more

Sushil

Sushil Sukhwani  |355 Answers  |Ask -

Study Abroad Expert - Answered on Jan 02, 2024

Listen
Career
Sir, I have completed my B.Tech in artificial intelligence I want pursue my ms in us which University should I prefer.
Ans: Hello Likhitha,

To begin with, thank you for contacting us. I am happy to hear that you have completed your Bachelor’s of Technology in Artificial Intelligence and wish to pursue your MS in the USA. I would like to tell you that a number of variables viz., the location, course curriculum, the research possibilities, as well as the experience of the faculty play a key role in selecting a university to pursue your Master of Science in Artificial Intelligence in the United States. Universities viz., Massachusetts Institute of Technology (MIT), University of California, Berkeley, Stanford University, University of Washington, and Carnegie Mellon University, are well-known for the robust programs in Artificial Intelligence that they offer. Outstanding AI programs along with access to state-of-the-art research facilities, distinguished professors, as well as a robust industry network are provided by these prominent schools. In order to find the one that best resonates with your educational and professional objectives, I would recommend that you look into the course design, as well as factor in their fields of specialization, and the possibility of internships or partnerships with business leaders. Not just that, to make an educated choice, consider other factors viz., monetary assistance, campus culture, and available resources.

For more information, you can visit our website.

..Read more

Latest Questions
Ramalingam

Ramalingam Kalirajan  |2174 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 15, 2024

Listen
Money
Hi Sir, I am 38 year old currently working in an MNC company with income of 1.80 lakhs per month. However, I am having debts close to 1.3cr with most of my monthly income going towards EMI. I have property worth 1.6cr in which I am living in. Off late I am struggling managing my finances. I have 2 kids (10yr/8yr) old. Should I continue to pay EMIs & wait for them to end after 10 years or just sell the property to start off fresh. Your suggestions will be of great help.
Ans: It's understandable to feel overwhelmed by financial burdens, but with careful planning, we can work towards a brighter financial future. Let's evaluate your situation and explore potential solutions.

Acknowledging Your Challenges
Facing a significant debt burden while managing a family and household expenses can indeed be stressful. However, taking proactive steps now can alleviate financial strain in the long run.

Assessing Your Options
Continuing EMIs
Continuing to pay EMIs on your existing loans may seem like a daunting task, especially with a substantial portion of your income allocated towards debt repayment. While it ensures you retain ownership of your property, it prolongs your financial stress and limits your ability to build wealth elsewhere.

Selling the Property
Selling your property to settle debts and start afresh is a viable option worth considering. It provides immediate relief from the burden of EMIs and allows you to redirect funds towards debt reduction and building financial security for your family's future.

Analyzing the Pros and Cons
Continuing EMIs:
Pros: Retain ownership of the property, potentially benefiting from future appreciation.
Cons: Continued financial strain, limited flexibility in managing other financial goals, prolonged debt repayment.
Selling the Property:
Pros: Immediate debt relief, opportunity to start anew with reduced financial obligations, potential to invest surplus funds for wealth creation.
Cons: Loss of ownership of the property, potential impact on family's living arrangements, need for careful planning to maximize proceeds from the sale.
Considering Family Needs
Education and Future Planning
As a parent, securing your children's future education and well-being is paramount. Evaluating how your financial decisions align with their long-term needs is crucial in making informed choices.

Lifestyle and Comfort
Maintaining a comfortable standard of living for your family, especially during their formative years, requires careful financial management. Balancing debt repayment with providing for your family's present needs is essential.

Crafting a Financial Strategy
Consultation with Experts
Seeking guidance from financial professionals, including Certified Financial Planners, can provide valuable insights and personalized recommendations tailored to your specific circumstances.

Creating a Financial Plan
Developing a comprehensive financial plan that prioritizes debt reduction, savings, and investment goals can pave the way towards financial freedom and stability.

Conclusion
In conclusion, whether to continue paying EMIs or sell the property requires a thorough assessment of your financial goals, obligations, and family needs. By weighing the pros and cons and seeking expert advice, you can make an informed decision that sets you on the path towards financial well-being.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |2174 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 15, 2024

Asked by Anonymous - May 14, 2024Hindi
Listen
Money
I am 31 years old ,I have 17.5 lacs in equity, investing 12000 in lic jeevan umang 20 yr plan, 10000 in icic prudential long term gift plan for 10 year , 5000 sip in mutalfund and sometimes lumpsum when I have extra money, I have 12 lacs in FD. I have family health insurance of 10 lacs , I have no major emi at present. Is my investment ok ?
Ans: As a Certified Financial Planner, I commend you for taking steps towards securing your financial future. Let's assess your current investment strategy to ensure it aligns with your long-term goals.

Appreciating Your Financial Savvy
At 31, you've demonstrated prudence by diversifying your investments across various asset classes. Your approach reflects a blend of risk management and wealth accumulation, laying a solid foundation for financial stability.

Analyzing Your Investment Allocation
Equity Investments
With ?17.5 lakhs in equity, you've positioned yourself to potentially benefit from the growth potential of the stock market. Equity investments can offer higher returns over the long term, albeit with higher volatility.

Insurance-Linked Savings
Investing ?12,000 monthly in a life insurance plan and ?10,000 in a long-term gift plan exhibits a focus on risk mitigation and long-term savings. However, it's crucial to evaluate the terms, returns, and suitability of these plans in achieving your financial objectives.

Insurance-cum-investment schemes
Insurance-cum-investment schemes (ULIPs, endowment plans) offer a one-stop solution for insurance and investment needs. However, they might not be the best choice for pure investment due to:
• Lower Potential Returns: Guaranteed returns are usually lower than what MFs can offer through market exposure.
• Higher Costs: Multiple fees in insurance plans (allocation charges, admin fees) can reduce returns compared to the expense ratio of MFs.
• Limited Flexibility: Lock-in periods restrict access to your money, whereas MFs provide more flexibility.
MFs, on the other hand, focus solely on investment and offer:
• Potentially Higher Returns: Investments in stocks and bonds can lead to higher growth compared to guaranteed returns.
• Lower Costs: Expense ratios in MFs are generally lower than the multiple fees in insurance plans.
• Greater Control: You have a wider range of investment options and control over asset allocation to suit your risk appetite.
Consider your goals!
• Need life insurance? Term Insurance plans might be suitable.
• Focus on growing wealth? MFs might be a better option due to their flexibility and return potential.

Mutual Fund SIPs
Allocating ?5,000 monthly to SIPs demonstrates a commitment to systematic investing, harnessing the power of rupee cost averaging. However, ensure your mutual fund selection aligns with your risk tolerance and investment horizon.

Fixed Deposits
Maintaining ?12 lakhs in fixed deposits offers stability and liquidity but may not provide optimal returns compared to other investment avenues. Consider reassessing this allocation to potentially enhance returns without compromising safety.

Assessing Your Risk Management
Your family health insurance cover of ?10 lakhs safeguards against unforeseen medical expenses, a crucial aspect of financial planning. However, periodically review your coverage to ensure it remains adequate as your family's needs evolve.

Addressing Potential Considerations
Emergency Fund
While your FDs serve as a form of emergency fund, consider segregating a portion for immediate access in case of unforeseen expenses. Aim for 3-6 months' worth of living expenses in a liquid account for added financial security.

Retirement Planning
As you progress in your career, prioritize building a robust retirement corpus to maintain your desired lifestyle post-employment. Consider exploring retirement-focused investment avenues like provident funds or pension plans to supplement your existing savings.

Regular Portfolio Review
Periodically review your investment portfolio with a Certified Financial Planner to reassess your goals, risk tolerance, and market conditions. Adjust your strategy as needed to stay on track towards achieving financial independence.

Conclusion
In conclusion, your investment approach reflects a commendable balance of risk management and wealth accumulation. However, continuous monitoring and periodic adjustments are essential to ensure your portfolio remains aligned with your evolving financial aspirations.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |2174 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 15, 2024

Asked by Anonymous - May 14, 2024Hindi
Listen
Money
Hello Sir, I am already investing 5k in flexi cap and want to invest around 25k more in SIP for the next 15 years. Could you please let me know what other MF types should I invest in . My target corpus is 5 Cr.
Ans: That's fantastic! You're already on your way to a great future with your existing flexi-cap fund investment. Adding Rs. 25,000 more monthly for 15 years shows real commitment! Let's explore some options to help you reach your Rs. 5 crore target corpus.

Diversification is Key!

While a flexi-cap fund offers good diversification across market capitalizations, consider adding other fund types to spread your risk further. Here are some ideas:

Large-Cap Funds: These invest in established companies, offering stability and potentially lower risk.

Mid-Cap Funds: These focus on medium-sized companies with growth potential, but also carry more risk than large-cap funds.

Actively Managed Expertise

Actively managed funds have experienced fund managers who make investment decisions to try and outperform the market. This approach can be beneficial compared to passively managed funds, which simply track an index.

Professional Guidance with a CFP

Choosing the right mix of funds is crucial. A Certified Financial Planner (CFP) professional can analyze your risk tolerance, goals, and investment timeframe. They can help you:

Select Funds: Pick funds that work together to create a well-diversified portfolio.
Review & Rebalance: Regularly assess your portfolio and make adjustments as needed.
Maximizing Your Investment

Regular plans with a CFP professional can offer some advantages over direct plans. A CFP can:

Stay on Track: Guide you through market ups and downs to keep you invested.
Save on Costs: Help you potentially minimize investment expenses.
Remember:

This is a general overview, and there's no one-size-fits-all answer. A CFP can create a personalized plan based on your unique situation.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |2174 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 15, 2024

Listen
Money
What is the average annual return of a typical Mutual Fund. I am planning to invest 17k monthly in equity.
Ans: That's a great question about mutual fund returns. Choosing mutual funds for your investments is a smart way to grow your money. Let's break down what you need to know.

Mutual Fund Return Reliance

The average annual return of a mutual fund can vary depending on the fund's investment strategy. Some funds focus on aggressive growth, aiming for high returns but with more risk. Others prioritize stability, offering lower but more consistent returns.

Here's a range to consider:

Equity Funds: These can aim for 10-15% annual returns, but remember, past performance isn't a guarantee of future results.
Your Equity Investment Plan

Rs. 17,000 monthly towards equity mutual funds is a fantastic way to save for your future! It shows real discipline. Here are some key points to consider:

Time Horizon: How long are you investing for? Longer timeframes allow for riding out market ups and downs, potentially leading to higher returns.
Actively Managed Advantage

Actively managed funds have professional fund managers who make investment decisions to try and outperform the market. This approach can be beneficial compared to passively managed funds, which simply mirror an index.

Benefits of Regular Funds with a CFP

While direct plans offer a lower expense ratio, regular plans with a Certified Financial Planner (CFP) professional can provide valuable guidance. A CFP can help you:

Choose the Right Funds: Select funds that align with your risk tolerance and goals.
Stay Invested: Navigate market fluctuations and keep you on track.
Review and Rebalance: Regularly assess your portfolio and make adjustments as needed.
Next Steps

By understanding mutual fund returns and how they fit your investment plan, you can make informed decisions. A CFP can be a great partner in your financial journey.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Anu

Anu Krishna  |856 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on May 14, 2024

Asked by Anonymous - May 08, 2024Hindi
Listen
Relationship
Hi mam,I love a boy..We both are from different states.We both work as software engineers and earn well.I am 24 and he is 26.My parents were looking alliance for me so i told them ki I like a boy..From the day I have told them they have not even asked ny opinion .My mom just keeps on repeating your dad will die as he has high bp and diabetes..you will become fatherless..My dad says he will drink poison and kill me as well..he himself told me that his image in society is more important to him and no one has give me rights to marry a boy of my own choice..My parents keep on calling me to my home so that they can make me quit my job..even after telling that I love a boy my parents went behind my back and fixed a boy for me..they say that the boy they are looking for me will be perfect..now my dad is asing me to come home..pls suggest me what should i do ..should i run away or convince them
Ans: Dear Anonymous,
Classic emotional blackmail...this is not new and I have seen this in many households. Your parents are not wrong from their point of view as they feel they will choose the best person for you. But obviously blackmailing you with consequences like your father will die etc is childish and immature...
You are an adult and know what you are doing. But also, take your parents into confidence by reassuring them that you know what's right for you. Eventually in due course of time, they will come around...They might not too...Don't stress over it as any relationship that you enter into if it is based on what your parents wish may not be the best for you...
It's not about them but they are making all this about them...turn the attention onto yourself by talking to them about your independent thoughts, financial independence and how the boy is right for you (if of course the boy is right for you).
Wait patiently till they turn over...make this attempt with baby steps without giving into fights or bouts of arguments!

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

...Read more

Ramalingam

Ramalingam Kalirajan  |2174 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 14, 2024

Listen
Money
I am retiring with a corpus of 1.8 Cr in May 2024.I will be getting a monthly pension of 90,000.Please suggest investment options for my retirement corpus.
Ans: Congratulations on your upcoming retirement! Having a 1.8 Cr corpus and a 90,000 monthly pension puts you in a great position to enjoy your golden years. Now, let's talk about smart investment options to make your corpus last!

Understanding Your Needs

First things first, we need to understand your lifestyle and spending habits. Knowing your monthly expenses will help decide how much you can safely withdraw from your corpus each month.

Security and Stability

Since retirement is about enjoying life without worry, focus on a good mix of secure and growth-oriented investments. This will provide you with a regular income and the potential for future growth.

Investment Options to Consider

Here are some investment options to explore, keeping in mind your need for both safety and growth:

Senior Citizen Savings Scheme (SCSS): SCSS offers a safe and guaranteed return, with interest credited quarterly. It's a good option for a portion of your corpus.

Monthly Income Plans (MIPs): These are mutual funds that invest in a mix of stocks and debt. They offer regular monthly payouts, while also giving your money a chance to grow.

Debt Funds: Less risky than stocks, debt funds invest in government bonds and corporate bonds. They provide stable returns and are good for building a buffer.

Actively Managed Equity Funds (AMCs): AMCs invest in stocks, aiming for capital appreciation over the long term. They can be riskier, but offer the potential for higher returns if the fund manager makes good choices.

Remember, diversification is key! Don't put all your eggs in one basket. Spread your corpus across different asset classes to manage risk.

Seeking Professional Help

A Certified Financial Planner (CFP) can be a valuable resource. They can assess your needs, risk tolerance, and recommend a personalized investment plan that aligns with your retirement goals.

Regular Reviews are Important

The market keeps changing, so your investment plan needs to adapt as well. Schedule regular reviews with your CFP to ensure your investments are still on track.

Living Within Your Means

The key to a happy retirement is living within your means. Don't overspend your corpus. Plan your monthly expenses and withdraw only what you need.

Focus on Long-Term Growth

While some income is important, don't neglect long-term growth completely. A portion of your corpus can be invested in AMCs for potential capital appreciation.

Be Patient and Enjoy!

Building wealth takes time. Don't get worried by short-term market fluctuations. Stay invested and enjoy your retirement!

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |2174 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 14, 2024

Listen
Money
I am 27 years old and have investment goal of 2 crs of by the age of 31. please suggest some sip or mutual munds which is the better
Ans: That's a fantastic ambition you have! Setting a clear goal like this at 27 shows real planning smarts. Reaching 2 crores by 31 through SIPs is possible, but it requires a well-crafted investment strategy. Here's why actively managed mutual funds might be a good fit for you:

Understanding Your Risk Appetite

First things first, we need to figure out your risk tolerance. Actively managed funds are generally considered riskier than passively managed options like index funds. This is because actively managed funds have a fund manager who tries to outperform the market by picking individual stocks. This can lead to higher returns, but also comes with the chance of underperformance.

Why Actively Managed Funds?

While index funds offer a diversified, market-matching approach, actively managed funds can potentially deliver higher returns if the fund manager makes good stock selection calls. This "outperformance" can be crucial for achieving your ambitious goal within a shorter timeframe. However, remember, actively managed funds aren't guaranteed to outperform!

Building a Diversified Portfolio

Here's the key: Don't put all your eggs in one basket! To manage risk, consider a diversified portfolio of actively managed funds across different asset classes like large-cap, mid-cap, and small-cap stocks. You can also explore sectoral funds that focus on specific industries like IT or pharma.

Remember, diversification is your friend!

Seeking Professional Guidance

Since actively managed funds involve more analysis and selection, consider getting help from a Certified Financial Planner (CFP). A CFP can assess your risk profile, investment goals, and recommend a suitable mix of actively managed funds to create a personalized investment plan for you.

Regular Reviews are Key

The market keeps changing, so your investment plan needs to adapt too. Regularly review your portfolio with your CFP to ensure your chosen actively managed funds are still aligned with your goals and risk tolerance.

Remember, this is a marathon, not a sprint!

Staying Invested Matters

Don't get swayed by market fluctuations. Actively managed funds aim for long-term growth. Stay invested and avoid frequent withdrawals to benefit from the power of compounding.

Discipline is Your Secret Weapon

Consistent SIP contributions are key to reaching your goal. Even small amounts invested regularly can grow significantly over time.

Focus on Long-Term Growth

Actively managed funds are for long-term investors. Don't expect quick riches. Stay focused on your 2 crore target by 31 and avoid chasing short-term gains.

Be Patient and Persistent

Building wealth takes time and discipline. There will be ups and downs, but staying patient and persistent with your SIPs will increase your chances of success.

Believe in Yourself!

You've set an ambitious goal, and that's a great first step. With the right approach and guidance, you're well on your way to achieving it. Keep the faith and stay invested!

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |2174 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 14, 2024

Asked by Anonymous - May 07, 2024Hindi
Listen
Money
Hi Sir, Me and my wife both are 40 years old. Together, we both earn around Rs. 2.5 lacs per month. We have around Rs. 1cr in MF and 50 lacs in Stocks. We are investing monthly SIP of Rs. 1 lacs per month.All the SIPs are equity oriented.Paying Rent Rs. 45k and our monthly expense is around 90 k (including rent). We have 2 kids ( 7 years and 2 years), one is having medical (Cerebral Palsy) Issue. We plan to buy a house in Gurgaon. What should be our Ideal budget to buy a property? Understanding 1 kid will always be dependent on us . No other EMI as of now.
Ans: Here's some guidance on your ideal budget for a property in Gurgaon:

Financial Strength:

Combined Income: Rs. 2.5 lacs per month is a good starting point.
Savings: Rs. 1.5 cr (Rs. 1 cr in MF + Rs. 50 lacs in Stocks) is a significant sum.
Investments: Rs. 1 lac monthly SIP shows strong saving habits.
Challenges:

Dependent Child: Having a child with Cerebral Palsy will require long-term financial planning for their care.
Monthly Expenses: Your current expenses are Rs. 1.35 lacs (including rent).
Considering these factors:

Don't stretch too thin: While you have a good income and savings, prioritize your child's needs and future medical care.
Target a 15-20 year loan term: This keeps your monthly EMI manageable.
Recommended Budget:

Focus on affordability: Aim for a property with a total cost (including registration and other charges) between Rs. 50 lacs - Rs. 1 crore. This translates to a monthly EMI of around Rs. 30,000 - Rs. 60,000 (assuming a 15-20 year loan term).
Location: Consider areas in Gurgaon with good healthcare facilities and accessibility for your child's needs. Explore areas like Sectors 56, 70, 84 or Gurgaon outskirts like Sohna or New Palam Vihar which may offer better affordability.
Additional Tips:

Talk to a Financial Advisor: Discuss your situation with a Certified Financial Planner (CFP) to create a personalized financial plan considering your child's needs and future goals.
Research Property Options: Look for resale flats, builder floors, or upcoming projects in your budget range. Use online portals like MagicBricks or NoBroker to get an idea of prevailing prices.
Factor in Additional Costs: Remember, there are additional costs besides the property price – registration charges, stamp duty, maintenance fees, etc.
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.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x