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

Milind Vadjikar |1051 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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Question by Arti - Jun 04, 2024Hindi

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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 |8027 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jan 30, 2025

Asked by Anonymous - Jan 30, 2025Hindi

Iam in a debt of 70 lakhs with loans and on intrest i pay 2.50 lakhs per month to the one whom i borrow 40 lakhs i have a business now i dont have anything what should i do the only thing is seeing is to do sucide there is nothing left what should i do ?

Ans: I'm really sorry you're going through this. Please reach out to someone you trust—a friend, family member, or professional who can help. You're not alone in this, and there are ways to rebuild.

Your financial situation can be fixed with a structured approach. There are solutions available to reduce your debt burden and restart your business. Let’s go step by step to create a way forward for you.

Please also consider speaking to a professional counselor. Your life is more valuable than any financial difficulty.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

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

Latest Questions

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Asked by Anonymous - Feb 23, 2025Hindi

Career

Hi my son is a CBSE class 12th student... And he want to study B.Sc Biotechnology in India...Suggest some of the best colleges

Ans: Hello dear.
Here are the names of some colleges: (1) Indian Institutes of Technology (IITs)- Roorkee, Guwahati (2) University of Delhi (DU) - Acharya Narendra Dev College, Gargi College, Miranda House, Sri Venkateswara College (3) Banaras Hindu University (BHU), Varanasi (4) Christ University, Bangalore (5) Amity University, Noida (6) St. Xavier’s College, Mumbai & Kolkata (7) Savitribai Phule Pune University, Pune (8) Vellore Institute of Technology (VIT), Vellore (9) Manipal Academy of Higher Education (MAHE), Manipal (10) Madras Christian College (MCC), Chennai
Admission in some universities is (1) based on 12th Marks (2) via entrance tests (3) or direct admission i.e. private universities & management quota.
For details, visit the official websites of all the above-mentioned universities.

Follow me if you are satisfied with the reply. Else ask again without hesitation,
Thanks
Radheshyam

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Priyesh - Feb 23, 2025Hindi

Career

I got 99.56 in jee mains 2025 l am obc ncl male can i get cse in niit trichy warangal suratkal

Ans: Hello Priyesh.
Congratulations for scoring 99.56 %tile in JEE.
You will get CSE @ NIT.
Best of luck for your upcoming future.

Please follow me, if you are satisfied with the reply.
Thanks
Radheshyam

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Asked by Anonymous - Feb 23, 2025Hindi

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In 93.98 percentile mark,can I take admission in iiit allahabad,pune or hyderabad

Ans: Hello dear.
With a score of 93.98, you can get admission to any one of the IIITs. Chance for Pune is there but low @ Hyd & Allahabad.

If you like the reply, pl follow me, else, ask again without hesitation.
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MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Munish - Feb 23, 2025Hindi

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Hi Sir, My son studied IGCSE and completed 10th standard. He is pursuing commerce stream. After 12th standard, we are looking for BBA or integrated MBA through IPMAT. My question is should i continue Cambridge A&AS Level or shift him to ICE or it fo not matter much. He is good in studies. Kindly advise.

Ans: Hello dear.
Stay with Cambridge A & AS Level, but ensure he takes Mathematics. Focus on IPMAT entrance preparation alongside board studies. If needed, he can take additional practice from NCERT books for better alignment with IPMAT.

If you like the reply, pl follow me else ask again without any hesitation.
Thanks, Radheshyam.

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Asked by Anonymous - Feb 23, 2025Hindi

Career

Hello sir, My son is appearing for ICSE exam this year ie 2025, I want him to join isii data science course after +2, can you please suggest how to prepare him for the data science entrance exam for next two years.

Ans: Hello dear.
Congratulations on planning to get admission to IISC for your son. Admission is highly competitive, so early preparation will be beneficial. Here are some tips: (1) Strong Focus on the Core subject of Mathematics (2) Learn Python and SQL programming skills (3) Participate in Mathematics Olympiads (RMO, INMO) (4) Join a Coaching Program to learn ISI-specific training (like PiVerb, Cheenta). (5) Encourage solving puzzles and logic games (Sudoku, Chess, Codeforces). (6) In class 10- Build strong basics in ICSE Math, start Olympiad-level problems (7) In class 11 - Solve tough problems, focus on Calculus & Algebra, and start Python (8) In class 12 - take mock tests, solve past ISI papers, revise Probability.
Efforts are endless. One has to make efforts to master the skills from all angles as the DS field is highly challenging. Keep motivating him in any situation i.e. at the time of success or failure. Best of luck to him for his upcoming bright career.

If you like the reply, pl follow me else ask again without any hesitation.
Thanks, Radheshyam.

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Amudha - Feb 23, 2025Hindi

Career

My Daughter has got 94.5 Percentile in Jan2025 JEE.we belongs to OBC NCL from Tamilnadu.will she get ECE in South based NITs or any IIITMs?

Ans: Hello Amudha.
With a score of 94.5 %tile and OBC-NCL difficult to get a seat in NITs at least in 1st round in Tamilnadu. But surely, she may get admission to IIITMs.

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Manvanth - Feb 23, 2025Hindi

Career

Sir my son got jee mains percentile 98.88.Did he have any chance to get seat in tair one NITs CSC?

Ans: Hello Manvanth,
Yes. Your son has a bright chance to get CSE @ NIT tier 1

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Sanjiv - Feb 23, 2025Hindi

Career

My son got 99.30 in jee mains 2025 under haryana state.Can he get CSE in nit.

Ans: Hello Sanjiv
Yes. Your son has a bright chance to get CSE @ NIT

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Sanjiv - Feb 23, 2025Hindi

Career

My son got 99.30 in jee mains 2025 under haryana state.Can he get CSE in nit.

Ans: Hello Sanjiv
Yes. Your son has a bright chance to get CSE @ NIT

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Radheshyam Zanwar |1259 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Essam - Feb 23, 2025Hindi

Career

Can I get any branch at any nit at 93.7%ile, gen male? If not what are my best options

Ans: Hello Essam.
With 93.7 %tile, very difficult to get any NIT. For better options, please take JEE Main 2nd attempt, BIT-SAT, and your state-level engineering entrance test. Pl, contact me again when you have all the results in your hand for better suggestions.

If you like the reply, pl follow me else ask again without any 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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