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26-Year-Old Married Man with 70 Lakh Debt; Seeking Advice for Business?

Milind Vadjikar |652 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Oct 03, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Asked by Anonymous - Aug 07, 2024Hindi

Money

I'm 26 year old married guy. I have my father debt it's around 70 lac rupees. I have a business where now we hardly earning 50k per month. Suggest me what should I do

Ans: Try and see if you can get any moratorium on the loan repayment from the lender.

If this works you get some time to focus and improve your earnings.

Port the loan to another agency if the ROI is higher.

Last option would be sell any unutilized real estate property or other asset to repay the loan.

Maybe you continue to handle business and your spouse decides to take up a job or you both take up jobs till the loan is repaid.

Loan repayment should be the topmost priority of your family.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Krishna Kumar |383 Answers |Ask -Follow

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Question by Arti - Jun 04, 2024Hindi

Career

Respected sir I m 35 year. I m computer teacher in private school. Salerry very few 5000 only. I have a daughter her 4 year old .Now my family economic conditions is not good. My hasband well qualified. His education M.com but he has jobless. Please ask what can I do. Now we get into debts.

Ans: Hello Maam

I can understand your situation, please keep the spirit highs.

Here are some options:

- Start as office admin in some company
- Learn Accounting package like Tally and seek job with CA firm
- Take Tutions for kids
- Explore teacher assistant in MBA college as free lancer

Search free lancing job opportunities. All the best.

Ramalingam Kalirajan |7035 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 31, 2024

Question by Mursheed - Jul 24, 2024Hindi

Money

My name is mushataq ahmad 47 years of age having solitary daughter aged around 15 years .I have my own ancestral home I have monthly income of 25 thousand rupees and further having a liability of 13 lakh of banks how to get rid of that

Ans: You are 47 years old, with a 15-year-old daughter. You have an ancestral home and a monthly income of Rs 25,000. You also have a bank liability of Rs 13 lakhs.

Evaluating Your Financial Situation
Income Analysis: Your monthly income is Rs 25,000. We need to allocate this wisely.

Debt Concern: The bank liability of Rs 13 lakhs is significant. Reducing this should be a priority.

Future Planning: Planning for your daughter’s education and your retirement is essential.

Steps to Reduce Debt
Budgeting: Create a monthly budget. Track all your expenses and identify areas to cut costs.

Debt Repayment Plan: Allocate a fixed amount each month towards loan repayment. Consistency is key.

Prioritise High-Interest Loans: Focus on repaying loans with the highest interest first. This reduces the overall interest burden.

Boosting Income
Additional Income Sources: Look for additional income opportunities. Part-time jobs or freelancing can help.

Skills Upgrade: Consider learning new skills. This can lead to better job opportunities and higher income.

Investment Strategy
Emergency Fund: Maintain an emergency fund. This should cover 6 months of expenses for unforeseen circumstances.

Systematic Investment Plan (SIP): Start SIPs in actively managed equity mutual funds. These offer potential for higher returns.

Public Provident Fund (PPF): Invest in PPF for long-term savings. It offers tax benefits and guaranteed returns.

Avoiding Index and Direct Funds
Actively Managed Funds: These funds have professional managers. They make strategic decisions to maximise returns.

Regular Funds Through CFP: Investing through a Certified Financial Planner ensures expert advice and better fund selection.

Education Planning for Daughter
Child Education Plan: Start a dedicated fund for your daughter’s education. Regular contributions will grow over time.

Scholarship Opportunities: Explore scholarship options for your daughter. This can reduce future education expenses.

Retirement Planning
Retirement Fund: Start a retirement fund with long-term growth investments. SIPs in equity mutual funds can be effective.

Review Existing Policies: If you have LIC or ULIP policies, evaluate their performance. Consider surrendering underperforming policies and reinvesting in mutual funds.

Managing Expenses
Frugal Living: Adopt a frugal lifestyle. Prioritise needs over wants.

Avoid Unnecessary Debt: Avoid taking on new loans. Focus on clearing existing liabilities first.

Closing Remarks
Reducing debt, increasing income, and strategic investments will improve your financial health. Regular reviews and adjustments are key to staying on track.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Latest Questions

Ramalingam Kalirajan |7035 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Nov 18, 2024

Asked by Anonymous - Nov 17, 2024Hindi

Money

Sir I want retire by corpus 3cr by 50, currently I am 39 age. Doing sip 50k and existing corpus of 50L in Mutual funds and fd of 25L,EPF 15L,

Ans: Retiring with a corpus of Rs. 3 crores by the age of 50 requires a clear strategy. Let us evaluate your current financial position and provide actionable steps to achieve your retirement goal.

Current Financial Overview
Age: 39 years (11 years to retirement)

Existing Mutual Fund Corpus: Rs. 50 Lacs

Fixed Deposit Corpus: Rs. 25 Lacs

EPF Corpus: Rs. 15 Lacs

Monthly SIP Contribution: Rs. 50,000

Retirement Goal: Rs. 3 Crores at age 50

Assessing Your Current Progress
Your combined existing corpus is Rs. 90 Lacs (mutual funds, FD, EPF).

Your SIP contributions over 11 years will add significant value.

Growth in your investments is critical to reaching the Rs. 3 crore goal.

Recommendations for Achieving Your Goal
1. Review and Optimise Existing Investments
Focus on actively managed mutual funds for potential higher returns.

Avoid index funds as they cannot outperform the market. Active funds offer better growth with expert management.

Diversify your portfolio across equity and hybrid mutual funds for stability and growth.

2. Reevaluate Fixed Deposits (FDs)
Fixed deposits offer low returns, which may not keep pace with inflation.

Shift a part of the FD corpus to well-performing debt mutual funds.

Debt funds provide tax efficiency and moderate returns, better than FDs.

3. Leverage EPF Growth
EPF offers guaranteed returns with tax benefits.

Keep contributing regularly and avoid early withdrawals.

Let EPF serve as a low-risk component of your retirement corpus.

4. Enhance SIP Contributions Gradually
Increase your SIP amount annually as your income grows.

Even a 10-15% yearly increase can significantly impact your retirement corpus.

Automate your SIPs to maintain consistency and discipline.

5. Address Mutual Fund Taxation Rules
Long-term capital gains (LTCG) from equity mutual funds are taxed at 12.5% above Rs. 1.25 lakh.

Short-term gains are taxed at 20%. Factor this into your maturity projections.

Efficiently plan withdrawals post-retirement to minimise tax liability.

6. Avoid Direct Plans
Direct funds lack personalised guidance and market insights.

Invest through a Certified Financial Planner for expert recommendations.

Regular plans help you make informed decisions and adjust strategies.

7. Monitor and Rebalance Portfolio
Review your investments at least annually.

Rebalance based on market performance and your risk appetite.

Align your portfolio to your retirement timeline.

Risk Management
1. Health Insurance
Ensure adequate health insurance coverage to protect your savings from medical emergencies.

Opt for top-up plans for additional coverage, if needed.

2. Life Insurance
If you have any investment-linked policies (ULIP or endowment), consider surrendering them.

Reinvest proceeds into mutual funds for better returns.

Continue term insurance for family protection.

Final Insights
With your current savings, SIPs, and disciplined investing, you are well-positioned to reach Rs. 3 crores. Focus on optimising your portfolio, increasing SIPs, and managing risks effectively. Track your progress regularly and adjust your strategy as needed. Consistency and informed decisions will help you achieve your early retirement goal.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

Ramalingam Kalirajan |7035 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Nov 18, 2024

Asked by Anonymous - Nov 17, 2024Hindi

Money

I have a debt of 1 lakh i kept the gold as mortgage for my friends operation and i am still a student. Its been two weeks since its at the gold shop. What should i do, no one is there to help me even my parents dont know about it

Ans: First, stay calm and think logically. Your current focus should be on resolving the loan and retrieving your gold.

You have taken a responsible step by helping your friend in a medical emergency. This is commendable.

However, keeping your gold mortgaged for long can lead to additional interest charges. This will increase your financial burden.

Since you are still a student, it may be challenging to generate funds immediately. Hence, a structured plan is needed.

Exploring Immediate Solutions
1. Talk to Your Friend’s Family

Approach your friend’s family for assistance. Explain the situation politely and seek their help.

They might not know the extent of your contribution and may help you financially.

2. Seek Support from Trusted Adults

Though difficult, consider talking to a trustworthy adult. It could be a family member, teacher, or mentor.

They might guide you or offer financial support without judgment.

3. Part-Time Work or Freelancing

Look for part-time jobs or freelancing opportunities to generate income.

Focus on skills like tutoring, content writing, or online tasks to earn quickly.

4. Consider Student Loans

Many banks offer small loans for students with minimal documentation.

Approach a bank or financial institution for a short-term loan to clear your debt.

5. Negotiate with the Gold Shop

Visit the gold shop and request an extension or reduction in interest charges.

Be honest about your financial situation. Some shopkeepers might offer relief.

Avoid Risky Alternatives
Avoid borrowing from unverified sources. High-interest informal loans will worsen your financial situation.

Don’t resort to drastic measures. Selling the gold permanently is not recommended unless unavoidable.

Building Financial Discipline
Once the current issue is resolved, focus on building a small emergency fund. Even Rs. 500 saved monthly can be helpful.

Avoid taking financial responsibility beyond your capacity in the future.

Final Insights
Helping a friend during their difficult time shows your compassionate nature. However, now it is essential to prioritise your financial stability. Act swiftly to retrieve your gold, as delays can lead to compounded interest. Seek support from trusted people or institutions to overcome this challenge. Your current situation, though challenging, is a learning opportunity for better financial planning in the future.

Best Regards,
K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

Milind Vadjikar |652 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 18, 2024

Asked by Anonymous - Nov 16, 2024Hindi

Money

Hi Doctor, Can you please suggest some good Cardiac care plans which are ideal for individuals with pre-existing heart conditions. Thank you!

Ans: Hello;
Care healthcare insurance offers a heart health insurance policy but please do read policy terms clearly and seek advice of an insurance advisor if needed.

Best wishes;

Ramalingam Kalirajan |7035 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Nov 18, 2024

Asked by Anonymous - Nov 16, 2024Hindi

Money

For the Cardiac care plans which are ideal for individuals with pre-existing heart conditions - my wife is now 51 years and undergone Angioplasty in January 2023.

Ans: Cardiac care health insurance plans are tailored for individuals with pre-existing heart conditions like your wife's. These plans cover treatments related to heart ailments, including post-angioplasty care, hospitalisation, and follow-ups. Look for plans offering comprehensive coverage, no waiting period for pre-existing conditions, and lifelong renewability. Evaluate features like annual health check-ups and OPD benefits. Consult with your Certified Financial Planner to choose a policy that aligns with her medical needs and budget.

Best Regards,
K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

Ravi Mittal |417 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Nov 18, 2024

Asked by Anonymous - Nov 15, 2024

Relationship

Hii, I have completed two and half year with this man in relationship he has raised his hands on me 3-4 times, he always asks me for money, he has a lot of male ego, he has never proposed me by getting down on his knees, he never puts efforts and asks me to put efforts being in a long distance relationship.

Ans: Dear Anonymous,
I don't know what your question is but I know no matter what you ask, I would only give you one suggestion- please rethink the relationship. Abuse in any form is unacceptable, even once, and here he has already raised his hands on you 3-4 times.

You are not at fault here; it is difficult to leave a relationship but you have to do it for yourself. But, do you think you deserve this? Or does anyone deserve this, for that matter? Imagine if your friend told you the same, what would you ask her to do?

Forget getting down on one knee, effort, or his male ego; he raised his hands, and that is unacceptable. Please reconsider the relationships. You deserve so much more love, respect, and peace.

Best Wishes.

Radheshyam Zanwar |1051 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 18, 2024

Question by Human - Nov 17, 2024Hindi

Career

Hello Sir, I am giving isolated maths examination of maths in feb 2025 as i was pcb student and passed it with 84% in 2024.i)So will i be eligible for engineering admission in 2025 ? ii)*Have Any student done it and got admission in your experience? Please answer the question Sir. Really important for me. Thank you.

Ans: Hello Human

You are eligible for engineering admission in 2025, provided you must clear the state engineering entrance test with the required score. In the past, many students did the same exercise successfully. Now, focus more on mathematics.

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

Radheshyam

Radheshyam Zanwar |1051 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 18, 2024

Question by VEDHI - Nov 16, 2024Hindi

Career

Is bams good to go field

Ans: Hello Vedhi

BAMS is a very good branch. If you have an interest then you can surely opt for it without any hesitation. But be careful to choose the best college. (Don't compromise with distance and fees)

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

Radheshyam

Radheshyam Zanwar |1051 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 18, 2024

Asked by Anonymous - Nov 17, 2024Hindi

Career

Being NRI, how much minimum NEET score required to get admission in Government collage in India.

Ans: Hello.
The NEET score benchmarks vary year by year.
(1) Check the state-wise counseling brochure for NRI quota details (released by the respective state authorities).
(2) Look at the previous year's NEET cutoff trends for NRI seats in government colleges.

Approximate NEET Score Range for NRI Students:-
(1) Government Colleges:- 450 to 600+ depending on the state and college.
(2) AIQ (All India Quota) Seats:- Min 600+ is usually required to secure a seat in a top government college.

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

Radheshyam

Radheshyam Zanwar |1051 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 18, 2024

Question by Vikas - Nov 18, 2024Hindi

Career

Sir mene 12th pahle bio se ki hai our ab maths se kya jee exam de sakta hu

Ans: Hello Vikas
Yes, you can appear JEE examination with your chosen mathematics subject. Appear for board examination by taking only mathematics as an additional subject to avoid the load of Phy+Che subjects.

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

Radheshyam

Radheshyam Zanwar |1051 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 18, 2024

Asked by Anonymous - Nov 18, 2024Hindi

Career

Sir actually I did 2 mistakes while filling jee mains form... 1. I skipped my middle name while writing candidates name but my marksheet as well as adhar card shows my full name that is name along with middle name. 2. I did mistake while writing my address(I didn't write my building name). Will it cause any problem during details checking in examination hall...is yes what should I do to correct it please help

Ans: Hello.
(1) If your Aadhar card is verified at the time of form filling, then there is no need to worry.
(2) There is no problem even if you have forgotten to write the name of the building.
(3) You will not face any problems at the time of entering the examination hall.
(4) Please follow all the guidelines laid by NTA before entering the examination hall.
(5) Even if you feel very insecure, file a separate application to NTA via email mentioning the mistakes you made in the application form. Carry the printout of this forwarded email with you at the examination center. If there is any problem, show it to the respective center head.

Note: It is sad to hear that, the students who are preparing for the JEE examination, make simple mistakes in application forms. It is highly recommended to you that, please download the brochure of the JEE examination, and read it very carefully to avoid silly mistakes in the future.

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

Radheshyam

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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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