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Baqar Iftikhar

Baqar Iftikhar Naqvi  |104 Answers  |Ask -

Start-up Mentor - Answered on Feb 25, 2024

Baqar Iftikhar Naqvi is the founder and CEO of Upriver Ecommerce, an online sales accelerator firm and can guide entrepreneurs on how to make their firms grow.He holds a BTech in textile technology from the Central Textile Institute and has a master's degree in marketing and merchandising from the National Institute of Fashion Technology.He has 23 years of experience in the consumer products and retail industry.... more
Asked by Anonymous - Feb 22, 2024Hindi
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Hi, I am a single mother abt 35 yrs age and earning approx 75k per month. I can save only approx 30k per month currently. I wish to start a daycare/creche services of my own. How much investment would be required for it and should I choose any franchise to go ahead with it? Is there any pre-requisites for it? I am not much of social person or easy to get friendly with kind of person, will that be a negative point if I go ahead with my plan? However I am very fond of children and love them. What would be the expected return from such business ot staying in service would be wiser? Kindly guide.

Ans: Franchising would require a minimum capital, so I would not suggest the same in your case. You can start really small without much investment. Just make one room in your house fit to be used as a creche. If you take care of the kids well the word will spread and slowly and steadily you can grow your venture. In the creche business getting the trust of the parents is the most important and for that you need to have empathy with them and treat the child with utmost care, like it is their own home. That itself could be your unique proposition as against creche chains where maids would look after kids.
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Ramalingam

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Asked by Anonymous - Apr 11, 2024Hindi
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Hi, I am a single mother. My kid is 6 yrs old and his father is supporting his education till now. I have monthly take home 40K and I am owner of two apartments out of which one is on rent and another where I currently live in with my Mom and kid. I am 35 now. Currently advice what should be my investment plan. I do have PPF and a child education policy which will be around 10lakhs when matured at his 18 yrs of age.
Ans: Given your financial situation and goals, here's a suggested investment plan:

Emergency Fund: Start by building an emergency fund equivalent to 6-12 months of your living expenses. Keep this fund in a liquid and easily accessible account like a savings account or a short-term fixed deposit.

Insurance: Ensure you have adequate life and health insurance coverage. Given your responsibilities as a single mother, having a term insurance plan can provide financial security for your child's future.

Investment in Child's Education: Since you already have a child education policy and PPF, consider adding an equity-oriented mutual fund to potentially earn higher returns for your child's education expenses.

Retirement Planning: Start investing in retirement-focused mutual funds or retirement plans. Given your age, investing in equity-oriented retirement funds can provide good returns over the long term.

Real Estate: Since you own two apartments, consider the rental income from one apartment as a source of passive income. Regularly review the rental income and expenses to ensure it aligns with your financial goals.

Additional Investments:

Mutual Funds: Start a monthly SIP in diversified equity funds for long-term wealth creation.
PPF: Continue investing in PPF for tax benefits and fixed returns.
Debt Funds: Consider investing in debt funds for stability and regular income.
Gold or Gold Funds: Allocate a small portion to gold or gold funds for diversification and hedging against inflation.
Financial Planning: Consult a financial advisor to create a personalized financial plan tailored to your needs, goals, and risk tolerance. A professional can help you prioritize investments, optimize tax savings, and achieve your financial objectives.

Remember to regularly review and adjust your investment plan based on changing financial goals, market conditions, and life circumstances. Starting early and maintaining discipline in your investment approach can help you achieve financial security and provide a comfortable future for you and your child.
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hi sir : my son doing job since two year monthly earning is 60 K. but his saving is nil. pl. advice where to invest
Ans: It's great that your son has started earning, and it's essential to guide him on saving and investing for the future. Here's a step-by-step investment plan tailored for him:

Emergency Fund: Start by building an emergency fund equivalent to 3-6 months of expenses. This fund should be easily accessible, like a savings account or a liquid fund.
Debt Repayment: If he has any high-interest debts like credit card bills or personal loans, it's wise to clear those first to avoid paying hefty interest.
Investment Options:
Equity Mutual Funds: For long-term wealth creation, he can start SIPs in diversified equity funds. A mix of large-cap, mid-cap, and multi-cap funds can provide growth.
PPF (Public Provident Fund): A tax-efficient and safe option for long-term savings with a lock-in period of 15 years.
NPS (National Pension System): A retirement-focused investment with tax benefits, offering a mix of equity, corporate bonds, and government securities.
Term Insurance: Since he's working, consider getting a term insurance plan to ensure financial security for his dependents.
Health Insurance: A comprehensive health insurance plan to cover medical emergencies can provide financial security and tax benefits.
Budgeting and Savings: Encourage him to create a monthly budget to track expenses and identify areas to save. Automating investments through SIPs can also help in disciplined saving.
Financial Education: Educate him about the importance of financial planning, saving, and investing. Encourage him to read books or attend workshops on personal finance.
Starting early with disciplined saving and investing can help him build a substantial corpus over time. Encourage him to consult a financial advisor for personalized guidance tailored to his financial goals and risk tolerance.
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