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

Milind Vadjikar |739 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

Workplace Expert - Answered on Jun 04, 2024

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 |7201 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

Milind Vadjikar |739 Answers |Ask -Follow

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

Asked by Anonymous - Dec 03, 2024Hindi

Money

I am planning to invest 1 cr in SBI balance advantage fund. How is the predicted future of SBI balance advantage fund?

Ans: Hello;

What is your time horizon for this investment?

We can ensure a balanced asset allocation and adequate risk mitigation.

Regulation prohibits us from making future performance prediction regarding stocks or mutual funds.

However if you feel dynamic asset allocation fund(also called balanced advantage fund) is the appropriate category of mutual fund for you, then you may split your lumpsum investment equally in top funds in this category.

Happy Investing;
X :@mars_invest

Ravi Mittal |450 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Dec 03, 2024

Asked by Anonymous - Dec 03, 2024Hindi

Relationship

Hello, my wife is Ugandan and I’m of English national, 30 years old and she’s 26, we met nearly a year ago and got married in uk with some of her friends and small family. We haven’t done kuchala (not sure if that’s correct spelling) yet and I’m feeling anxious for when the time comes. She said her family will kneel when they greet me and being white this is already stinging my moral (due to history). I also talked about moving in together before the meet the parents happen however she says she’s rather move in after? Currently this could take two years before going to Uganda, how should I proceed without overstepping her cultural beliefs as after all we are married and by my culture we should already be living together

Ans: Dear Anonymous,
It is very nice of you to be so considerate and sensitive while handling these cultural nuances. Let's discuss the kneeling tradition. It's a sign of respect and it's deeply rooted in Ugandan culture. While I understand your point of view, you also have to remember that it can have significant meaning to her and her family. I suggest you politely express your feelings and let her know why it is uncomfortable for you to see her family kneel. When you explain, mention how much her culture means to you as well. I am sure both of you can communicate and come to a compromise that makes you both happy. Just in case, they persist in following the ritual, just look at it as a gesture of love and respect and not submission.

About the moving in together part, in certain parts of the world, couples living together before the traditional wedding is not considered respectful. But since you are already married, you can try explaining to your wife how the living situation does not go against her cultural expectations. But if it is a really big deal for her and her family, consider seeing it from her perspective.

Communication is everything here. Look at every problem as a team; it's not your problem vs her problem. It's both of you vs the problems.

I hope this helps

Ravi Mittal |450 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Dec 03, 2024

Question by jayesh - Nov 27, 2024

Relationship

Iam 42 yrs old and i have crush on a female which board my train and get down the same station. From that day she meet me for a day or so as we share one bus stop for office going. Then afterward she met me once a week or occasionally and iam getting feeling towards her. While on the bus stop if i see her i usually follow her and greet her(for couple of minutes). Today while i was talking i made eye contact with her and she too. And if she see me she allow me to touch her hair and body too Dont know what to do kindly guide me.

Ans: Dear Jayesh,
The best way to confirm if she shares the same feelings for you is to simply ask. Tell her how you feel and ask if she feels anything close to that for you. If she says yes, then you can ask her out on a date- maybe start slow with a cup of coffee and see where it goes. If she says no, then please do not take that as a sign to pursue her some more and convince her.

Hope this helps.

Ravi Mittal |450 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Dec 03, 2024

Asked by Anonymous - Nov 26, 2024Hindi

Relationship

How can i catch my cheating partner

Ans: Dear Anonymous,
If you know for sure your partner is cheating, the best thing to do is confront them. There's no point in collecting proof or catching them in the act- it will not make them more guilty than they already are. Ask them directly about what you know and try to rethink the relationship. Cheating should not be excused and I am sure you deserve a partner who remains loyal to you.

Best wishes

Ravi Mittal |450 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Dec 03, 2024

Question by Aravinth - Dec 03, 2024Hindi

Relationship

Hi sir I married a other caste girl so my mother and sister not given my share and degree ,I got financial problem and not get any job without my degrees if I ask them they told me to leave the girl otherwise they kill me . what to do how to get my degrees and my share

Ans: Dear Aravinth,
I am so sorry to hear this. Can you try to go to your educational institute and ask for another copy of your degree? If not, I am sure there are legal steps that you can take to secure your degree; after all, you have earned it yourself. About the share, I would recommend consulting a lawyer; they can help you in this situation better. Moreover, if there is any threat to your or your partner’s life, you should consider taking it up with the authorities.

Best wishes.

Radheshyam Zanwar |1088 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Dec 03, 2024

Question by BIPRADAS - Dec 03, 2024Hindi

Career

I have received a job offer from Siecorp ,a Singapore based company though my posting would be at my hometown . They have asked me to submit all credentials related to education & job experiences which is quite normal but they have asked the following documents also which they said would help me to arrange through some agent by payment & the same would be reimbursed during first month of employment . Earlier also another overseas company asked for the same & I denied to make payment before having the job in hand . 1. Construction Health and Safety Technician (CHST) – Compulsory 2. OSHA Safety Certificate – Compulsory 3. Safety Trained Supervisor (STS) – Non-Compulsory Kindly advise whether these certificates are really required to be submitted to join any foreign company or any sort of cheating business regards,

Ans: Hello Bipradas.
From your query, it is clear that you have offered by job by a Singapore-based company and they are giving you a posting in your home town. You did not mention anything about the work culture of the company. It simply indicates that you are supposed to work from home which is always related to computers. I think there is no harm in producing the required documents through an agent if they are offering you a handsome salary. The requirement for documents differs from company to company. There is no harm in submitting the mentioned documents. If have fear in your mind, then please go through the profile of the company in detail before submitting the documents. There are many ways to check the authenticity of the company. There are some chances of cheating, but everybody is not indulged in the same category. But take the steps with utmost precaution.

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

Radheshyam

Radheshyam Zanwar |1088 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Dec 03, 2024

Question by Zakir - Nov 26, 2024Hindi

Career

Dear sir My son is studying 2nd year chemical engineering in nitt. Suggest the additional online courses to enhance his career

Ans: Hello Zakir.
Here are some options for your son:
(1) Aspen Plus and Aspen HYSYS (Offered by Udemy or Coursera)
(2) MATLAB for Engineers
(3) Advanced Thermodynamics: Offered by universities like Stanford (Coursera, edX).
(4) Reaction Engineering: A course by the University of Minnesota (Coursera)
(5) Fluid Mechanics and Heat Transfer Fundamentals: NPTEL or Coursera.
(6) Data Science (Udemy and Linkedin learning)
(7) Machine Learning, Offered by universities like MIT (edX)
(8) Sustainable Energy Systems (offered by Coursera)
(9) Green Chemical Engineering: Offered by NPTEL.
(10) Python for Chemical Engineers
And many more.
It is suggested that you please visit the websites of Coursera, edX, Udemy, LinkedIn Learning, and NPTEL for more details.

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

Radheshyam

Radheshyam Zanwar |1088 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Dec 03, 2024

Asked by Anonymous - Nov 26, 2024Hindi

Career

Hello Sir, I'm a student of B.Tech CSE 2nd year I'm confused what to choose please give some suggestion

Ans: Hello dear.
At present, you are in 2nd year and saying that you are confused about what to choose. You have already chosen CSE. Your question is incomplete and not possible to suggest to you what you want. Please ask again with more clarity.

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

Radheshyam

Radheshyam Zanwar |1088 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Dec 03, 2024

Question by Munni - Nov 28, 2024Hindi

Career

Hlo sir, My child cracked JEE advance last year and got BS in Applied Geology in IIT Kharagpur. Kindly suggest the right path for placement. What is the scope of the branch mentioned above. Thank you ???? in advance

Ans: Hello Munni.
The right path for placement will be suggested by the placement division of IIT Kharagpur from time to time.. At this early stage, there is no need to take the tension. You have ample time in hand. Related to the score, a BS in Applied Geology from IIT Kharagpur offers a promising huge scope. The scope lies in Geology, resource management, energy, environmental planning, infrastructure development, Mining and Exploration, Hydrogeology, Energy, Environmental Geology, Disaster Risk Assessment, Academia and Research, Infrastructure Development, and many more sectors. A BS has strong career growth and opportunities for innovation and impact. Best of luck for his bright future.
If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

Radheshyam Zanwar |1088 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Dec 03, 2024

Asked by Anonymous - Nov 29, 2024Hindi

Career

I take maths as additional subject in class 12th . Am i eligible for jee advance as there is mention that maths has to be compulsory subject.

Ans: Hello dear.
Yes, you are eligible for JEE Advanced if you take mathematics as an additional subject in Class 12th, provided you fulfill the other eligibility criteria for the exam. For JEE (Adv), you must qualify for mains with the required cut-off and pass the 12th-grade exam with PCM subjects with language as an additional subject or an equivalent examination. Make sure to check the detailed brochure or eligibility criteria for the specific year of JEE Advanced.

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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