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Dr Aarti Bakshi |40 Answers |Ask -Follow

Child and Parenting Counsellor - Answered on Jun 23, 2023

Dr Aarti Bakshi is a psychologist licensed by the Rehabilitation Council of India.
A school counsellor, she has worked for 15 years with young adults.
She has two PhD degrees -- developmental psychology from Global Institute of Healthcare Management and clinical psychology from Singhania University.
She is on the CBSE panel for counsellors and special educators. She collaborates with SAAR Education to help children develop life skills.
She has authored SEL (social emotional learning) journals for Grades 1-8.... more

Asked by Anonymous - Jun 20, 2023Hindi

Health

My son 7 years old has mild autism. He is good at Mathematics and reading words but cannot understand the meaning. Also his communication is very weak two or three words in sentences and logical communication is also not up to mark but his actions are logical and rational. Is there any chance of improvement in communication skills closer to a normal child.

Ans: Regular practice on word association with a picture and/ or real object/ activity/person is a way. Identifying emotions and their responses can be modelled by you, parents.
Connecting with a special educator who can support you with activities and a way forward plan is a way too. Attend sessions with the spl educator to work on communication is needed.

DISCLAIMER: The answer provided by rediffGURUS is for informational and general awareness purposes only. It is not a substitute for professional medical diagnosis or treatment.

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Paediatrician - Answered on Mar 06, 2023

Question by Valmik - Mar 03, 2023Hindi

Doctor my Son aged 8 years is suffering from Autism disorder and not able to speak fluently ..kindly guide me for his treatment

Ans: He needs speech therapy and follow up with a developmental pediatrician

Dr Aarti Bakshi |40 Answers |Ask -Follow

Child and Parenting Counsellor - Answered on Jun 23, 2023

Question by Srikanth - Jun 05, 2023Hindi

Health

Dear Sir, my son is a 16 yrs old he has autistic features, we have enrolled him into a special resedential school, he is studying their since last 20 months. He has shown little improvement however we have found out that he is just a trainable child at scale of 4 out of 10 the challenge is inspite of spending 20 months in the school he is still missing his parents, however we manage to visit the school once in three months to ensure he does not miss us. As parents we want to give him as much help as possible to make him independent. Not sure what else can be done to improve or fasten his, learning to make him independent child, need your expert advise here.

Ans: A school working with students will work at the pace of your child adapting and always keeping in mind his needs. All children miss their parents and that’s fine. Sending him communication by emails, telephones, audible messages are options in between your visits to keep in touch with your son. Skills are built over months, you could contact the school for his IEP and skill development plans. You can always give your inputs and trust the educators who are professionals to do best for your child.

Aruna Agarwal |57 Answers |Ask -Follow

Child and Parenting Counsellor - Answered on Aug 20, 2023

Asked by Anonymous - Aug 17, 2023Hindi

Health

Respected madam My neice is 5 yrs old. She is diagnosed as having autism. She has issues with concentration and speech related too. How can we have her concentration increased. Pls help us with her so we can further ease her troubles.

Ans: You need to get her assesment done for the current level of skill set developed.
Check out for her strengths and start simple her choice of activities to build up on her sitting tolerance. She should be able to get a vocabulary of 300-500 words at this age atleast labelling of things to be able to speak. She can point out or ask for things if she knows that receptively.

Ashwini Dasgupta |68 Answers |Ask -Follow

Personality Development Expert, Career Coach - Answered on Mar 22, 2024

Question by DIPTENDU - Dec 11, 2023Hindi

Career

My son is of 19 years old, is mildly autistic, has a bit slow comprehension of instructions given to him. lives in his own world , and left schooling due to bad academic grasp. very docile in nature. Can u advise on any life grooming path/procedure for him...

Ans: Dear Dipentu,

Thank you for writing in

Few aspects to look at
Identify your son's strengths and weaknesses and encourage him to explore that aligns with his abilities and interests
Life skill development and prioritizing on life skills like self-care- money management, learning to write his name and signature, organizing his room, etc. This will make him independent as he grows older.
Social skills development can opt for group activities/ therapy, and encourage him to take part in social activities, where he gets an opportunity to interact with others.
Have a personalized education plan -look for professionals who can tailor the education to his unique needs and goals.
Therapeutic Support- Consider enrolling your son in therapy or counseling with the experts to address any emotional, behavioral, or social challenges if any. Such therapy sessions help the individual in building self-confidence, coping skills, and resilience.
Have a fixed, structured, and supportive environment- Provide clear instructions, visual supports, and consistent routines to help your son navigate daily tasks and responsibilities. Plan the discipline around him. Have a schedule and tell him what he needs to follow. For example- Keep a watch in front of him with a timer and alarm and tell him you will do this X activity until the alarm rings. Give direct instructions to him. To say in big or multiple sentences. For example- Come Here, Sit here, Do this, etc.
Exercises- there are certain exercises you can make him do that will help him to do better. You can find these exercises on Youtube or look for professional experts.
Importantly be patient, supportive, persistent, and positive in guiding him and making him a confident individual.

Hope this helps.
To Your Success
Thanks and Regards
Ashwini Dasgupta
Author of Confidence Decoded. Is it a Skill or Attitude?

Latest Questions

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Asked by Anonymous - Apr 16, 2024Hindi

Money

Hi, I have 5 lac rs monthly in hand, rs 1.2 crores in equity and 85 lacs in PF. Another 20 lacs in NPS and ppf. I am 49 years now and would like to retire early. I can save at least 2.5 lacs a month. Share the investment strategy so that I will have minimum 2 lac monthly income after my retirement covering inflation for next 25 years.

Ans: It's great to hear that you're thinking about retirement planning. Here's a strategy to help you achieve your goal of a minimum monthly income of 2 lakhs after retirement:
1. Diversify Investments: Given your substantial monthly income and existing investments, continue diversifying your portfolio across various asset classes such as equities, bonds, real estate investment trusts (REITs), and fixed income instruments.
2. Equity Investments: Since you have a significant portion of your wealth in equities, focus on investing in blue-chip stocks, dividend-paying stocks, and mutual funds with a track record of consistent performance. Consider allocating a portion of your monthly savings to SIPs in well-managed equity funds to benefit from compounding over time.
3. Fixed Income: To generate a steady income stream during retirement, consider investing in fixed income instruments like government bonds, corporate bonds, and fixed deposits. Additionally, explore debt mutual funds that offer higher returns than traditional fixed deposits while maintaining liquidity.
4. Real Estate: Given your substantial savings, consider investing in income-generating real estate properties such as rental apartments, commercial spaces, or REITs. Real estate can provide a stable source of passive income, which can supplement your retirement income.
5. Retirement Accounts: Maximize contributions to retirement accounts like the National Pension System (NPS) and Public Provident Fund (PPF) to benefit from tax advantages and build a corpus for retirement. Since you already have significant savings in these accounts, continue contributing regularly to maximize their growth potential.
6. Review and Adjust: Regularly review your investment portfolio and make necessary adjustments based on changing market conditions, your risk tolerance, and financial goals. As you approach retirement, gradually shift towards more conservative investments to protect your capital and ensure a steady income stream.
7. Consult a Financial Advisor: Consider consulting with a Certified Financial Planner to create a comprehensive retirement plan tailored to your specific needs and goals. They can provide personalized advice and help you navigate complex financial decisions, ensuring a comfortable retirement lifestyle.
By following these steps and staying disciplined in your savings and investment approach, you can work towards achieving your goal of a minimum 2 lakh monthly income after retirement, covering inflation for the next 25 years. Remember to stay focused on your long-term objectives and adjust your strategy as needed to stay on track.

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Asked by Anonymous - Apr 18, 2024Hindi

Money

I am 23 years old now earning 25k how and in which should i start investing as a beginner ?

Ans: It's fantastic that you're thinking about investing at such a young age. Here's a beginner-friendly guide to get you started:

Emergency Fund: Before you begin investing, ensure you have an emergency fund in place to cover unexpected expenses. Aim to save at least 3 to 6 months' worth of living expenses in a high-yield savings account.
Start Small: Since you're just starting, it's okay to begin with small amounts. Consider setting aside a portion of your income, such as 10-20%, for investing each month.
Understand Your Goals: Determine your financial goals, whether it's saving for a house, retirement, or travel. Your goals will help you decide where to invest and how much risk you can take.
Explore Investment Options: As a beginner, you can start with low-cost investment options like mutual funds or exchange-traded funds (ETFs). These allow you to invest in a diversified portfolio without needing a large amount of money.
Consider SIPs: Systematic Investment Plans (SIPs) are a popular way to invest in mutual funds regularly. You can start with SIPs that match your risk tolerance and investment goals.
Educate Yourself: Take the time to learn about different investment options, risk management, and personal finance concepts. There are plenty of resources available online, including books, articles, and courses.
Seek Professional Advice: If you're unsure about where to start, consider consulting with a Certified Financial Planner. They can help you create a personalized investment plan based on your financial situation and goals.
Remember, investing is a long-term journey, and it's essential to stay patient and disciplined. Start early, stay consistent, and you'll be on your way to building wealth for the future. Good luck!

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by DEVARAJAN - Apr 14, 2024Hindi

Money

Hi I have been investing 10 funds not sip.just 3000sip to 360(94000)now focused. Axis small.1.66lac sofar.parakh flexi 150lac or more nd navi next 50 1lac8000.pgim flexi97000.edelweisss balanced 86000 navy us 100 nasadaq.mira large 59000 now nd grow small 250 index 10000 only( new).all the above funds started in 2021. Pls tell me iam the right track.any funds to drop. My name is dev 54yrs and iam also investing in stocks around 7lacs .nd so far. I have fd also rental income.

Ans: Hi Dev! It's great to see your commitment to investing and diversifying your portfolio. Here are some insights to help you stay on track:
• Diversification: Your portfolio seems well-diversified across various mutual funds, which is essential for managing risk. Keep in mind the importance of diversification to spread risk and optimize returns.
• Review: Regularly reviewing your portfolio is crucial to ensure it aligns with your financial goals and risk tolerance. Consider assessing the performance of each fund and its contribution to your overall portfolio returns.
• Consolidation: With a relatively large number of funds, it might be beneficial to assess whether some funds are overlapping in terms of holdings or objectives. Consider consolidating funds with similar objectives to simplify your portfolio and reduce complexity.
• Monitoring: Keep a close eye on the performance of your investments, including stocks and mutual funds. Stay informed about market trends and any changes in fund management or strategy that may impact your investments.
• Professional Advice: Consider consulting with a Certified Financial Planner to review your portfolio comprehensively. They can offer personalized advice based on your financial goals, risk tolerance, and investment horizon.
• Risk Management: Ensure that your portfolio is balanced in terms of risk exposure. While some allocation to stocks can offer growth potential, make sure it aligns with your risk tolerance, especially considering your age and investment horizon.
Overall, you're on the right track with your investments. By regularly reviewing and adjusting your portfolio as needed, you can work towards achieving your financial goals. Keep up the good work!

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Naveen - Apr 15, 2024Hindi

Money

Hi Experts, My parents are senior citizens. They didnt have income and dependent on me. I want to make them independent by creating some regular income around 10k to 15k every month. I can invest a lumpsum of 15L to genrate the returns for them. Please suggest a good return option for my parents. I went througn SIP, SWP and other funds. But im not clear.i can take moderate to low risk. My aim is to provide them some regular income every month. Thanks.

Ans: ! It's admirable that you're seeking ways to ensure financial security for your parents. Here's a tailored suggestion to meet your goal:
• Given your moderate to low risk appetite and the objective of generating regular income for your parents, investing the lump sum of 15 lakhs in a combination of debt mutual funds and Senior Citizen Savings Scheme (SCSS) can be a prudent choice.
• Debt mutual funds offer relatively stable returns compared to equity funds and can be ideal for generating regular income. Opt for debt funds with a focus on short to medium-term instruments to minimize interest rate risk.
• Consider allocating a portion of the lump sum to a well-diversified debt mutual fund portfolio comprising short-duration funds, corporate bond funds, and banking and PSU funds. These funds have the potential to provide regular income through periodic interest payouts.
• Additionally, investing a portion of the lump sum in the Senior Citizen Savings Scheme (SCSS) can offer guaranteed returns along with tax benefits. SCSS is specifically designed for senior citizens and provides a fixed interest rate payable quarterly.
• It's crucial to assess the risk associated with each investment option and ensure adequate diversification to mitigate risks. Regularly review the portfolio's performance and make adjustments as needed to meet your parents' income requirements.
• Lastly, consult with a Certified Financial Planner to tailor an investment strategy that aligns with your parents' financial goals, risk tolerance, and investment horizon. They can provide personalized guidance and help you navigate the complexities of investment options to achieve your desired outcome.
By following these steps, you can create a reliable source of income for your parents and help them achieve financial independence. Best of luck!

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Asked by Anonymous - Apr 14, 2024Hindi

Money

Hi, I earn 1.5 lakh/month. I want to know what all investment should i do in balanced form(PPF, NPS, SIP). I majorly want to know what mutual fund to pick for long term (kind name the fund i should pick). Also I have 15lakh lumpsump in acc, so where should i invest it for better return

Ans: It's great to see your interest in financial planning. Let's chart out a balanced investment strategy for you:
• With your monthly income of 1.5 lakhs, you're in a strong position to build wealth steadily over time. It's wise to allocate a portion of your income towards various investment avenues to achieve a balanced portfolio.
• Mutual funds offer a great opportunity for long-term wealth creation. Consider investing in a mix of large-cap, mid-cap, and flexi-cap equity funds through Systematic Investment Plans (SIPs). These funds have the potential to generate higher returns over the long term compared to traditional investment options like PPF and NPS.
• When selecting mutual funds, opt for well-established funds with a proven track record of delivering consistent returns over different market cycles. Look for funds managed by experienced fund managers and backed by reputable fund houses. Diversifying your mutual fund investments across different categories can help mitigate risks and maximize returns.
• As for your lump sum of 15 lakhs, consider investing it in a combination of equity and debt mutual funds based on your risk appetite and investment horizon. Equity funds offer the potential for higher returns over the long term, while debt funds provide stability and income generation.
• It's essential to align your investment strategy with your financial goals, risk tolerance, and investment horizon. Regularly review your portfolio to ensure it remains on track to meet your objectives and make adjustments as needed.
Remember, investing is a marathon, not a sprint. Stay disciplined, stick to your investment plan, and seek guidance from a Certified Financial Planner if needed to make informed decisions about your financial future. Keep up the good work!

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Akash - Apr 15, 2024Hindi

Money

Hello, My name is AB from Delhi. My age is 34. I have my own house. Having rented income of 20k. In my family my wife she is 33 and Housewife, my daughter 10months and planning for a baby in a year. I am earning around 50k month. No loan, no debt nothing. I have 2 lacs in emergency fund. I am having 15k medical insurance for all 3 of us of 5lac and will increase it to 10lakh or more from next year. Term insurance of 1crore. Sukanya opened in April 2024. I am doing stock market but not more than 50k overall and not planning to invest more. I am doing 6 SIPs. Below are the details. All are Direct Plans. PFA Mirae large and Mid - 2500 (22nd Nov 2023) Parag Flexi cap - 3500 (22nd Nov 2023) Quant small cap - 3000 (18th Dec 2023) HDFC Flexi Cap - 2500 (15th March 2024) Nippon India small cap - 2500(28th March 2024) UTI Nifty 50 Index Fund - 2500(26th March) I have some 25lacs with me because I sold one of my property. So planning for property is there anything else I can do with 25lacs? My questions are as follows:- 1. Review my portfolio I will invest Max 20k a month Should I add more SIP's or should I change some from above? 2. My goals are my children's education and marriage. 3. Wealthy and Retirement plan 4. Lumsum Amount 5. Need some lacs in every 4-5 years like for admission or for some emergency. 6. Want a luxury life for my family. 7. After 20 years I want 2.5cr. How much and where I have to invest?

Ans: It's evident that you've taken proactive steps to secure your family's financial future, AB. Let's address your questions systematically:
1. Portfolio Review: Your current portfolio reflects a well-diversified approach with exposure to large-cap, mid-cap, flexi-cap, and small-cap funds. However, since your investment horizon is long-term, you might consider adding more mid-cap and small-cap funds to potentially enhance returns. Additionally, periodically review your portfolio to ensure it remains aligned with your goals and risk tolerance.
2. Children's Education and Marriage: Your SIP investments can serve as a solid foundation for funding your children's education and marriage. Consider increasing your SIP contributions gradually over time to meet these goals effectively.
3. Wealth and Retirement Planning: Given your current financial situation and goals, focusing on building a diversified investment portfolio comprising equity, debt, and other asset classes is crucial. Consult a Certified Financial Planner to develop a comprehensive wealth and retirement plan tailored to your specific needs and aspirations.
4. Lump Sum Investments: With the 25 lakhs from selling your property, consider diversifying your investments across various asset classes such as mutual funds, stocks, bonds, and fixed deposits to optimize returns and manage risk.
5. Emergency Fund: Your emergency fund of 2 lakhs is a prudent move. As your financial responsibilities increase, consider gradually increasing this fund to cover at least 6-12 months of living expenses.
6. Luxury Life: Achieving a luxury lifestyle requires careful financial planning and disciplined savings. Allocate a portion of your monthly income towards discretionary expenses while ensuring you prioritize long-term goals.
7. Long-term Wealth Target: To achieve your target of 2.5 crores in 20 years, focus on consistent investing in equity mutual funds, which historically have provided higher returns over the long term. Review your portfolio periodically and make adjustments as needed to stay on track towards your wealth accumulation goal.
Remember, financial planning is an ongoing process, and it's essential to periodically review and adjust your strategy based on changes in your life circumstances, financial goals, and market conditions. By staying disciplined and seeking professional guidance when needed, you can work towards building a secure financial future for you and your family.

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Mir - Apr 19, 2024Hindi

Money

Hi , i am working in PSU Bank , i am presently investing 30k - 20k in mutual funds ( 5k each in parag flexi, hdfc flexi and mirae mid large , 2k in quant mid ,3k in quant small cap and i am doing RD of 7k per month and 3k in ppf , what do u think about my investment and any changes u think that i shall take ? My goal is long term wealth creation.

Ans: It's commendable that you're actively investing towards your long-term wealth creation goals. Your disciplined approach towards investing is a positive step in securing your financial future.

Diversifying your investments across various asset classes, such as mutual funds, RDs, and PPF, is a prudent strategy for long-term wealth accumulation. By spreading your investments, you're effectively reducing risks and optimizing returns.

Mutual funds offer the benefit of professional management and access to a diversified portfolio of securities. Actively managed funds, in particular, are managed by experienced fund managers who actively select and manage investments to achieve the fund's objectives. This can potentially lead to higher returns compared to passive investment options like index funds.

However, it's essential to periodically review your investment portfolio to ensure it remains aligned with your financial goals and risk tolerance. Consider consulting with a Certified Financial Planner (CFP) who can provide personalized advice tailored to your specific circumstances.

While RDs and PPFs offer stability and security, they may not provide the same level of growth potential as equity mutual funds. Therefore, it's crucial to strike the right balance between risk and return based on your investment horizon and financial objectives.

As you continue your investment journey, stay focused on your long-term goals and remain disciplined in your approach. Regularly monitor your investments and make adjustments as necessary to keep pace with changing market conditions and personal circumstances.

Remember, wealth creation is a journey that requires patience, diligence, and a well-thought-out investment strategy. By staying committed to your financial plan and seeking professional guidance when needed, you're on the right path towards achieving your financial aspirations.

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by PRAKASH - Apr 21, 2024Hindi

Money

Hello Sir. I'm 38 years old.I am investing via SIP in SBI SMALL CAP FUND (2500 pm)since 2023 . Now i have got extra salary 6000/- Rs for month .so I want invest this amount via sip.Please Give me suggestions some good funds

Ans: Investing is a vital step towards securing your financial future, and it's wonderful that you're considering it. Making informed decisions about your investments is crucial for long-term financial well-being.

It's understandable to feel overwhelmed or uncertain, especially if you're new to investing. However, with careful planning and guidance, you can navigate the world of investments with confidence.

As a Certified Financial Planner, my goal is to assist you in achieving your financial objectives while minimizing risks and maximizing returns. I'm here to provide you with personalized advice tailored to your unique circumstances and goals.

While real estate may seem like an attractive investment option, it's essential to recognize the potential drawbacks, such as illiquidity, high transaction costs, and market volatility. Diversifying your investment portfolio across different asset classes can help mitigate risks and optimize returns.

When it comes to mutual funds, actively managed funds offer the benefit of professional management and the potential to outperform the market. These funds are managed by experienced fund managers who actively select and manage investments to achieve the fund's objectives.

On the other hand, index funds, while low-cost and passively managed, may lack the potential for outperformance and may not be suitable for all investors. Additionally, the performance of index funds is directly linked to the underlying index, limiting flexibility and potential returns.

Direct funds, while appealing for their lower expense ratios, require investors to make investment decisions independently. However, investing through a Certified Financial Planner who is also a Mutual Fund Distributor (MFD) can provide valuable expertise and guidance, ensuring that your investment strategy aligns with your financial goals and risk tolerance.

Remember, the key to successful investing lies in careful planning, diversification, and seeking professional advice when needed. With a well-thought-out investment strategy and disciplined approach, you can work towards achieving your financial aspirations and securing a brighter future.

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Rajneesh - Apr 15, 2024Hindi

Money

I am 40 years old, working as a Chief Manager in a PSU Bank. My net monthly income is around 1.60 lakhs p.m. I have savings and investments of Rs 20 lakhs in Various MFs via SIPs. Rs 3.00 lakhs in PPF, Rs 23.00 lakhs in PF, Rs 17.00 lakhs in bank deposits and Rs 4.00 lakhs in stocks. I want to retire at 50. How much corpus do I need and how to invest to achieve it in the next 10 years ? (I am a single father, having a daughter and my parents to take care of)

Ans: It's great that you're planning ahead for your retirement and considering your responsibilities towards your daughter and parents. Here's a strategy to help you achieve your retirement goal:

Calculate Retirement Corpus: Estimate your retirement expenses based on your current lifestyle and expected future needs. Consider factors like inflation, healthcare costs, and any additional expenses for your daughter's education and your parents' care. Aim for a retirement corpus that can sustain your lifestyle and cover these expenses.
Investment Strategy: Given your 10-year time horizon, you can adopt an aggressive investment approach with a focus on wealth accumulation. Since you already have investments in various MFs, PPF, PF, bank deposits, and stocks, ensure that your portfolio is diversified across asset classes to manage risk effectively.
Asset Allocation: Review your existing asset allocation and make adjustments as needed to align with your retirement goals and risk tolerance. Consider allocating a higher percentage of your portfolio to equities for long-term growth potential, supplemented by fixed income investments for stability.
Maximize Contributions: Continue to maximize contributions to your PF and PPF accounts, as they offer tax benefits and provide a secure foundation for your retirement savings. Additionally, explore other tax-efficient investment options like NPS (National Pension System) to further boost your retirement corpus.
Regular Review: Regularly review your investment portfolio to ensure it remains aligned with your retirement goals and risk tolerance. Rebalance your portfolio periodically to maintain the desired asset allocation and take advantage of market opportunities.
Professional Advice: Consider consulting with a Certified Financial Planner who can evaluate your financial situation, assess your retirement needs, and recommend a customized investment strategy tailored to your goals and circumstances.
By following these steps and staying disciplined in your savings and investment approach, you can work towards building a sufficient retirement corpus to retire comfortably at 50 while fulfilling your responsibilities towards your daughter and parents. Remember, consistency and patience are key to achieving your long-term financial goals.

Ramalingam Kalirajan |1669 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Kristoff - Apr 15, 2024Hindi

Money

I'm a 35 working professional who has been careless with his money for a very long time..wasted it on food and games and going out..I would like to start saving for the future and for retirement..I have around 15k that I can set aside for investments..Pls guide me in which areas I should focus my investments on and how diverse they should be..Any specific funds would be of great help as I have no clue about this market

Ans: It's never too late to start saving and investing for your future, and it's great that you're ready to take control of your finances. Here's a step-by-step guide to help you get started:

Emergency Fund: Before diving into investments, make sure you have an emergency fund to cover unexpected expenses like medical emergencies or job loss. Aim to have at least 3-6 months' worth of living expenses saved in a high-yield savings account.
Debt Management: If you have any high-interest debt like credit card debt or personal loans, prioritize paying them off. High-interest debt can eat into your savings and hinder your financial progress.
Budgeting: Create a monthly budget to track your income and expenses. This will help you identify areas where you can cut back on unnecessary spending and allocate more towards savings and investments.
Investment Goals: Determine your investment goals, whether it's saving for retirement, buying a house, or funding your children's education. Having clear goals will help you choose the right investment options and stay focused on your objectives.
Diversification: Diversification is key to managing risk in your investment portfolio. Consider diversifying across different asset classes like equities, bonds, and real estate, as well as within each asset class.
Start with Mutual Funds: Mutual funds are a great option for beginner investors as they offer diversification and are managed by professional fund managers. You can start with equity mutual funds for long-term wealth creation and debt mutual funds for stability and income.
Asset Allocation: Determine your risk tolerance and investment horizon to decide on the appropriate asset allocation for your portfolio. Typically, younger investors with a longer time horizon can afford to take on more risk and allocate a higher percentage to equities.
Regular Investing: Set up a systematic investment plan (SIP) to invest a fixed amount regularly in mutual funds. This will help you benefit from rupee cost averaging and take advantage of the power of compounding over time.
Seek Professional Advice: Consider consulting with a Certified Financial Planner who can assess your financial situation, understand your goals, and recommend suitable investment strategies tailored to your needs.
Remember, investing is a journey, and it's important to stay disciplined, patient, and informed along the way. With consistent saving and smart investing, you can build a solid financial foundation for the future.

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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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