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Pradeep

Pradeep Pramanik  |154 Answers  |Ask -

Career And Placement Consultant - Answered on Aug 12, 2024

Pradeep Pramanik is a career coach, placement consultant and director at Fast Track Career Consultants, which provides career counselling, soft skills training and placement consultancy services.
Pradeep, who hails from Bhagalpur in Bihar, has worked in the pharmaceutical industry for 15 years in sales, marketing, training and product management roles in companies like Lupin Pharmaceuticals, Elder Pharmaceuticals and Ranbaxy Laboratories.
During his tenure in the pharma industry, he has worked in different states including Bihar, Jharkhand, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Tamil Nadu and West Bengal.
In 1998, he launched Fast Track Career Consultants with the aim of helping youngsters find jobs through the right career counselling, training and placement services.
They also offer HR analysis and appraisal services.
Over the years, he has been invited by management and engineering institutions to discuss education and employment policies, entrepreneurship, soft skills and emerging careers in India.
He has published four books on career counselling and contributed articles to print publications.... more
Himansu Question by Himansu on Jul 09, 2024Hindi
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Career

Dear Sir, I am planning to start a Financial Services company which will work in intermediate of selling financial products. I am currently working in insurance selling. I need your suggestion regarding business and also plan of action to start my venture

Ans: Dear Mr. Himanshu , I appreciate that You want to become an Entrepreneur and have chosen one of the most promising but highly risky segment . Since you are in insurance industry I belive YOU must be having enough exposure of this segment and must have idea about the pros & cons of this sector . However venturing into MF/ Stock Industry , you need to have some one to support you as these very volatile sectors and money you invest , you should be in position to recover in shortest possible time . Once you have your face value and trust of your customers , things will be quite easy. Best of luck.
Career

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Ramalingam

Ramalingam Kalirajan  |6240 Answers  |Ask -

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

Money
Hi, I am 42 yrs old and have 21 years of experience in sales and marketing. I have approx. 60 lacs of savings including PF and 10 lacs equity portfolio and 1 cr of real estate assets. I want to quit my job and start business. I had done some home work also in some products. I have 15 lacs of medical policy. 30 lacs of term plan and approx. 7 lacs of traditional plan of insurance. How can I go ahead. Pls advise
Ans: Your 21 years of experience in sales and marketing have led you to build a solid financial foundation. You have Rs. 60 lakhs in savings, Rs. 10 lakhs in equity, and Rs. 1 crore in real estate assets. Additionally, you have a medical policy worth Rs. 15 lakhs, a term plan worth Rs. 30 lakhs, and a traditional insurance plan worth Rs. 7 lakhs. This is a strong base to start from as you contemplate beginning your own business.

Evaluating Your Decision to Start a Business
Starting a business is a significant decision that requires thorough evaluation. Your experience in sales and marketing is a great advantage, and it's crucial to leverage this as you transition into entrepreneurship. Ensure your business plan is comprehensive, covering market research, product demand, competition, and financial projections.

Ensuring Financial Security
Before you quit your job, it’s important to secure your and your family’s financial future. Here are a few steps to ensure financial security:

Building an Emergency Fund
Ensure you have an emergency fund that covers at least 12 months of living expenses. This fund will act as a safety net in case your business takes longer to generate profits.

Reviewing Insurance Coverage
Your medical policy of Rs. 15 lakhs and term plan of Rs. 30 lakhs are essential for protecting your family. Consider increasing your term plan coverage to match your current income and liabilities.

Evaluating Traditional Insurance Plan
The traditional insurance plan of Rs. 7 lakhs may not provide the best returns. Consider surrendering it and reinvesting the proceeds into mutual funds for better growth potential.

Planning Your Business Finances
Starting a business requires careful financial planning. Here are steps to help you get started:

Creating a Business Budget
Prepare a detailed budget for your business. Include initial setup costs, monthly operating expenses, marketing costs, and other miscellaneous expenses. This budget will help you understand your financial needs and plan accordingly.

Securing Initial Capital
You have Rs. 60 lakhs in savings, which is a good starting point. Decide how much of this amount you are willing to invest in your business. Keep a portion of your savings intact as a safety net.

Exploring Funding Options
Consider exploring funding options such as business loans, angel investors, or venture capital if your business requires additional capital. Ensure you understand the terms and conditions of these funding options.

Diversifying Investments
While starting a business, it's essential to continue growing your personal wealth. Diversifying your investments will help you achieve this. Here are some options to consider:

Mutual Funds
Mutual funds are an excellent way to diversify your investments. They offer the potential for higher returns through professional management. Consider investing in a mix of equity and debt funds based on your risk appetite.

Types of Mutual Funds
Equity Funds: Invest primarily in stocks. Suitable for long-term goals due to their growth potential.

Debt Funds: Invest in fixed-income securities. Suitable for short to medium-term goals with lower risk.

Hybrid Funds: Combine equity and debt investments. Provide a balance of risk and return.

Benefits of Mutual Funds
Professional Management: Funds are managed by experienced fund managers.

Diversification: Spread your investments across different securities, reducing risk.

Liquidity: Easy to buy and sell units as per your needs.

Power of Compounding: Long-term investments can grow significantly through compounding returns.

Risks of Mutual Funds
Market Risk: Returns depend on market performance.

Credit Risk: Risk of issuer default in debt funds.

Interest Rate Risk: Changes in interest rates can affect debt fund returns.

Power of Compounding
Investing in mutual funds for the long term allows you to benefit from compounding. Reinvesting your returns helps your investments grow exponentially over time. This is a powerful tool for wealth creation.

Strategic Investment Approach
Here's a strategic approach to investing in mutual funds:

Asset Allocation
Equity Allocation: Given your moderate risk appetite, allocate 60-70% of your investments in equity funds.

Debt Allocation: Allocate 20-30% in debt funds for stability.

Hybrid Funds: Allocate the remaining 10-20% in hybrid funds for a balanced approach.

Regular Investments
Set up systematic investment plans (SIPs) to invest regularly in mutual funds. This approach helps in averaging out the cost of investments and reduces market timing risk.

Review and Rebalance
Regularly review your investment portfolio. Rebalance your portfolio to maintain your desired asset allocation and adjust based on market conditions.

Managing Business and Personal Finances
Balancing your business and personal finances is crucial. Here are some tips to help you manage both effectively:

Separate Business and Personal Finances
Keep your business and personal finances separate. Open a separate bank account for your business transactions. This will help you track your business expenses and income more efficiently.

Budgeting for Personal Expenses
Create a budget for your personal expenses. Ensure that your personal expenses are covered by your emergency fund and any income generated from your investments.

Monitoring Cash Flow
Regularly monitor your business and personal cash flow. This will help you identify any potential financial issues early and take corrective action.

Financial Goals
Set clear financial goals for your business and personal life. This will help you stay focused and motivated. Review your goals periodically and adjust them based on your progress.

Seeking Professional Advice
While you have done commendable homework, seeking professional advice can provide valuable insights. A Certified Financial Planner (CFP) can help you with detailed financial planning and investment strategies tailored to your goals.

Final Insights
Your solid financial foundation and prudent planning are commendable as you embark on your entrepreneurial journey. Balance your business ambitions with personal financial security. Diversify your investments, keep your emergency fund intact, and regularly review your financial goals. Your experience in sales and marketing will be invaluable as you start your business. Wishing you the best of luck!

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |6240 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jun 25, 2024

Asked by Anonymous - Jun 17, 2024Hindi
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Money
Hello I am a 55 year old Mechanical Engineer worked in MNC automotive OEM & Tier 1 companies for many years. But I lost job about 5 months back. I have now started MF Distributor & Insurance Advisory business after passing required exams. I have a PF of 57lac, Insurance maturity amounts worth 60 lac expected from 2028 onwards till 2032. MF worth 17lac SIP in progress , FD 5 lac, Living Flat worth 1.8cr, Plot worth 25 lac. I also get rental income of 20k pm. MF & Insurance business is for long term for next 15 to 20 years as long as it permits. I am also trying for a regular job to wirk for 5 to 6 years. How to go about Financial management in case I don't land up a job. Inam worried as Inncome from MF & Insurance will take longer.
Ans: I appreciate your determination and proactive approach in starting a mutual fund and insurance advisory business. At 55, transitioning from a corporate job to entrepreneurship can be daunting, but it’s commendable. Let’s build a solid financial plan to secure your future, assuming you don't find another job.

Understanding Your Current Financial Situation
Assets and Income
Provident Fund (PF): Rs 57 lakhs
Insurance Maturity Amounts: Rs 60 lakhs (expected from 2028 to 2032)
Mutual Funds (MF): Rs 17 lakhs (SIP in progress)
Fixed Deposit (FD): Rs 5 lakhs
Living Flat: Rs 1.8 crores
Plot: Rs 25 lakhs
Rental Income: Rs 20,000 per month
Business and Career Goals
MF and Insurance Advisory: Aiming for long-term business (15-20 years)
Potential Regular Job: Trying to find a job for the next 5-6 years
Prioritizing Financial Goals
Ensure Regular Income: Cover monthly expenses
Maintain and Grow Investments: Secure long-term financial stability
Plan for Retirement: Prepare for a comfortable retirement
Ensuring Regular Income
Rental Income
Current Rental Income: Rs 20,000 per month
Mutual Fund SIPs
Continue SIPs: Keep the SIPs active to build wealth over time.
Systematic Withdrawal Plan (SWP): Consider SWP from mutual funds after a year or two for regular income.
Emergency Fund
Emergency Fund: Ensure you have an emergency fund to cover 6-12 months of expenses.
Liquid Funds: Keep the emergency fund in liquid or ultra-short-term funds for easy access.
Income from MF and Insurance Business
Growing Your Business
Client Base: Focus on growing your client base to increase income.
Networking: Leverage your industry contacts to get clients.
Online Presence: Build a strong online presence to attract clients.
Income Management
Diversify Income Sources: Apart from MF and insurance, consider providing financial planning services.
Training and Development: Invest in continuous learning to stay updated and offer better services.
Managing Expenses
Monthly Budget
Track Expenses: Use budgeting tools or apps to track and manage your expenses.
Cut Unnecessary Costs: Identify areas where you can reduce expenses.
Loan Repayment
Avoid New Debt: Try to avoid taking on new debt during this transition period.
Prepay Existing Loans: If possible, prepay any high-interest loans to reduce the financial burden.
Investment Strategy
Existing Investments
Provident Fund: Keep the PF invested for long-term growth.
Insurance Policies: Let the policies mature as planned for future financial support.
Mutual Funds: Continue SIPs and review the portfolio regularly.
New Investment Opportunities
Diversify Portfolio: Invest in a mix of large-cap, mid-cap, and small-cap funds.
Debt Funds: Consider investing in debt funds for stable returns and low risk.
Avoid Real Estate: Given the illiquidity and high transaction costs, avoid new real estate investments.
Tax Planning
Utilize Tax Benefits
Section 80C: Maximize the Rs 1.5 lakh limit under Section 80C.
NPS Contributions: Consider additional NPS contributions for extra tax benefits.
Tax-Efficient Investments
Long-Term Capital Gains: Focus on investments that offer tax-efficient returns.
Tax Harvesting: Use tax harvesting strategies to manage tax liabilities on mutual fund gains.
Retirement Planning
Creating a Retirement Corpus
Calculate Retirement Needs: Estimate the amount needed for a comfortable retirement.
Invest in Growth Assets: Focus on equity mutual funds for long-term growth.
Regular Review
Annual Review: Review your retirement plan annually to ensure it aligns with your goals.
Adjustments: Make necessary adjustments based on market conditions and personal circumstances.
Final Insights
Your proactive approach to starting a new business and managing your finances is commendable. Focus on growing your MF and insurance advisory business, managing your expenses, and making strategic investments. With careful planning and disciplined execution, you can achieve financial stability and a comfortable retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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Nayagam P

Nayagam P P  |3654 Answers  |Ask -

Career Counsellor - Answered on Sep 07, 2024

Asked by Anonymous - Sep 07, 2024Hindi
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Radheshyam Zanwar  |804 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Sep 07, 2024

Asked by Anonymous - Sep 07, 2024Hindi
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VNIT Nagpur Mechanical or COEP Pune Electronics and telecommunication which one to choose?
Ans: Hi
The choice is difficult between the two options. Both are best at their level.
The choice matters, in your interest. You did not mention your interest.
If you prefer a more versatile and high-demand field with better placements, COEP Pune Electronics and Telecommunication may be a better choice. But, If you're passionate about core mechanical engineering, VNIT Nagpur is a solid option.
Ultimately, choice and interest are yours!

If you are dissatisfied with the reply, please ask again without hesitation.
If satisfied, please like and follow me.
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Radheshyam

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Radheshyam Zanwar  |804 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Sep 07, 2024

Asked by Anonymous - Sep 03, 2024Hindi
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Hlo, I was a Neet aspirant I gave neet after 12 th but scored very low, after I took drop and gave neet again but still I didn't score good enough. After that I have joined for BSC degree in life sciences, my majors are biotechnology, chemistry, zoology. Currently iam in final year. At first I had plans to pursue msc. biotechnology.,then PhD And to become assistant professor. But I had known few who did medical coding and one of them did masters but decided to do medical coding. I was advised to pursue medical coding too. I was little confused what to do , what is best for me. IM also unsure how much does the payment vary from both? Is it good choice to go for medical coding or msc ? Pls help me
Ans: Hello.
It is sad to hear that even after 2 attempts, you cannot score well in NEET.
But take a good decision to join B.Sc. in Life Sciences.
You are thinking in the right direction to go for a PG and then a PhD.
Being a professor is a good thought and this profession has a much more stable life than other fields.

Related to your dilemma about medical coding: Medical coding is the process of translating healthcare diagnoses, procedures, medical services, and equipment into standardized codes. These codes are used for billing purposes, insurance claims, and maintaining accurate medical records. Medical coding offers a stable career path with opportunities for advancement. You can go for medical coding but the payment criteria vary from institute to institute. It may range from 15 K to 30 K or on the higher side from 50 K to 70 K. There’s a high demand for medical coders in countries like the US, UAE, and Australia, offering higher salaries.
If you are not interested to shift to abroad for a job and want to stay in India only, then try to become a Professor rather than entertain in the medical coding field. First, you try to become a professor. Learn medical coding and then do two jobs simultaneously. First, teach the students and part-time, give your consultancy services in medical coding.

If you are dissatisfied with the reply, please ask again without hesitation.
If satisfied, please like and follow me.
Thanks

Radheshyam

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Milind

Milind Vadjikar  |44 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 06, 2024

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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