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

Milind Vadjikar |776 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.

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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

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Question by Gaurav - Nov 26, 2024Hindi

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Hi Sir, I am 22 years old and pursuing chartered accountancy at intermediate level. I have given 4 attempts for intermediate level but still not cleared. I am thinking to try something new now because it's taking more time and efforts with no results. Should I remain in finance or move to different career as other finance jobs have very little income, I want to earn high at lower age.

Ans: Gaurav, I have previously elucidated the primary reasons for my inability to pass the CA Exams despite multiple attempts. The Chartered Accountancy (CA) program may not be the right fit for everyone, so consider your strengths, interests, alternative high-earning career paths in finance, and non-finance career paths with high earning potential. Alternative high-earning careers include Investment Banking, Corporate Finance, Financial Planning & Wealth Management, and Non-Finance career paths with high earning potential. Shorter, practical certification programs can help you quickly enter high-paying fields without extensive education. If CA is no longer a fit, consider other certifications, high-paying fields in tech or management, or short-term courses in cybersecurity, cloud computing, or digital marketing. All the BEST for your Prosperous Future.

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Question by Syamaprasad - Oct 15, 2024Hindi

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I am a BAC graduate, 40 years old, working as Accountant and Office Administrator. Advice me for better work places.

Ans: Syamaprasad, A B.A.C. graduate can enhance their career prospects by pursuing advanced certifications in accounting, transitioning into higher-level roles, exploring corporate or government sector jobs, expanding into office administration, and exploring technology and data fields. These options include pursuing advanced certifications, exploring remote work options, and pursuing courses in data analytics, project management, or HR. These steps can lead to better pay, career growth, and work-life balance in the accounting field. All the BEST for your Prosperous Future.

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Question by Amit - Nov 20, 2024Hindi

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I am 37 year old Commerce Graduate. I was in an unorganized business, which cannot be pursued any farther. Will it be wise to do CPA at this age without formal experience in Accounting, for a decent job? Is there any other course to pursue?

Ans: Amit Sir, A CPA (Certified Public Accountant) at the age of 37 can be a viable option for those without formal accounting experience. The CPA is a globally recognized certification that can open doors to various roles in accounting, auditing, and finance. It provides a solid foundation and increases credibility in the finance or accounting industry. However, there are challenges, such as the learning curve and experience requirements.

To overcome these, you could supplement with basic accounting courses and work experience. Alternative courses you can consider include Chartered Financial Analyst (CFA), Financial Risk Management (FRM), Certified Management Accountant (CMA), Post Graduate Diploma in Management (PGDM) or MBA, and Digital Marketing or E-Commerce.

CFA and FRM are globally recognized credentials that can lead to roles in finance, investment banking, or wealth management. CMA professionals are in high demand in banks, investment firms, and large corporations. MBAs can help transition into management or higher-level positions, while digital marketing or e-commerce can offer opportunities for entrepreneurship and business growth.

Age should not be a barrier for you in pursuing any course or certification. Leveraging prior experience, such as management, customer relations, and strategic thinking, can also benefit a corporate role. In conclusion, pursuing a CPA at the age of 37 is a viable option, but preparation and experience are essential.

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Question by shri - Nov 09, 2024Hindi

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sir i am commerce gratuate prepared 2 years for CA coul'd not succeed what are the diff career op for me

Ans: Shri, Some basic reasons for failing CA exams include poor time management, inadequate conceptual clarity, poor presentation skills, neglecting revision, and lack of practice with mock exams. To improve, create a realistic study schedule, focus on crucial topics, practice time-bound mock tests, and use reference books and ICAI study materials. Practice structured answers and follow ICAI language to align with exam expectations. Avoid rote learning and focus on understanding the "why" and "how" behind concepts. Take multiple mock tests and review performance critically to identify weak areas. Stay motivated by setting short-term goals and rewarding yourself for achieving them.

Despite not clearing the CA exams, there are numerous fulfilling career paths for commerce graduates. Some of these include the following, out of which you can choose the most suitable for you and you are interested in:

Financial Analyst/Investment Banking involves financial analysis, research, and dealing with securities, stocks, and bonds. Tax Consultant/Tax Advisor offers tax planning, compliance, and advisory services. Financial Planner/Wealth Manager helps manage finances and long-term wealth goals. MBA can lead to leadership roles in marketing, HR, finance, operations, and entrepreneurship. Banking and Insurance offers stability and growth opportunities. Entrepreneurship requires strong initiative and risk tolerance. Accounting and Audit roles enhance job prospects globally. Digital Marketing, Data Analytics, Human Resources, Stock Market Trading, Corporate Law, and Public Sector Jobs offer job security, stability, and benefits.

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Asked by Anonymous - Nov 24, 2024Hindi

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What are the career options after 12 Arts

Ans: The Arts stream offers a diverse range of career options, both traditional and modern, catering to various interests and skill sets. Traditional career paths include Humanities and Social Sciences, Bachelor of Arts (BA), and Bachelor of Fine Arts (BFA). Modern and emerging career options include media and communication, digital marketing, event management, design and creative fields, business and management, specialized and niche fields, technical and technology-based fields, commerce and economics, and professional courses.

Foreign language careers, such as BA in French, German, or Spanish, can lead to careers in translation, international relations, diplomas, policy analysts, and NGO workers. Professional courses include hotel management, performing arts, and sports management.

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My son is doing BBA( 1st year.) Which extra course help him future.

Ans: Shubham Sir, The BBA degree is a strong foundation for a career in management, business, and entrepreneurship. To enhance his skills and employability, consider taking additional courses that align with his interests and career aspirations. General skills for business and management include data analytics and business intelligence, digital marketing, financial modeling and investment analysis, project management, communication and soft skills, and industry-specific skills like finance, marketing, entrepreneurship, supply chain and operations, and human resources. Technical skills include basic coding and IT skills, accounting software, artificial intelligence and machine learning for business, and cybersecurity basics.

Certifications and competitive exams can add value to his resume, such as Google, Microsoft, and Chartered Financial Analyst (CFA). Global business awareness is crucial, and practical experience is essential. Internships in industries of interest and participating in startup incubators or entrepreneurship contests can provide practical exposure. A suggested roadmap for a successful BBA career includes focusing on foundational skills, gaining technical knowledge, starting internships or part-time projects, and preparing for competitive exams like GMAT or certifications like CFA.

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Asked by Anonymous - Nov 24, 2024Hindi

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My daughter studying bsc biotechnology 1st semester please suggest me about her future career

Ans: The decision by your daughter to pursue a BSc in Biotechnology opens up a wide range of career opportunities in diverse and rapidly growing fields. After completing her BSc, she can either pursue further education or enter the job market directly. Options include MSc in Biotechnology (or Related Fields), MBA in Biotechnology/Healthcare Management, PhD in Biotechnology, PG Diploma Courses, and pursuing a master's degree in top countries for biotechnology.

After BSc, she can work in various sectors and roles, such as lab technician, research assistant, quality control analyst, healthcare and pharmaceuticals, agricultural biotechnology, environmental biotechnology, food and beverage industry, bioinformatics, government jobs, or entrepreneurship. High-paying and in-demand fields include medical biotechnology, bioinformatics, industrial biotechnology, agricultural biotechnology, environmental biotechnology, and genetic engineering.

The best study and career locations for MSc/PhD are IISc Bangalore, IITs (Kharagpur, Kanpur), JNU Delhi, University of Hyderabad, and government initiatives like DBT (Department of Biotechnology). Skills she should develop include technical skills, research and analytical skills, soft skills, and certifications.

To build a strong foundation in core biotechnology subjects, she should participate in internships or summer research projects. After BSc, she should prepare for entrance exams, network, and consider financial considerations.

All the BEST for your Daughter’s Prosperous Future.

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Asked by Anonymous - Nov 23, 2024Hindi

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Confused about the future after doing bsc biotechnology. In which subject I should do msc ? Ok india or abroad? Which biotechnology sector have high paying jobs ?

Ans: Biotechnology is a promising field with numerous career paths. Choosing the right specialization and study destination depends on interests, career goals, and financial considerations. Some popular specializations include Biotechnology, Microbiology, Biochemistry, Bioinformatics, Food Technology, Environmental Biotechnology, Medical Biotechnology, Genetic Engineering, and Industrial Biotechnology. Studying in India offers affordable education, access to reputed institutions, and a growing biotech industry. Abroad offers exposure to advanced research and technologies, higher-paying jobs, and better industry connections. High-paying sectors in biotechnology include pharmaceuticals and biopharma, healthcare and diagnostics, bioinformatics, industrial biotechnology, agricultural biotechnology, and environmental biotechnology. High-paying countries for biotechnology careers include the USA, Germany, Canada, Singapore, and India.

For those looking for cutting-edge research and higher-paying jobs, consider studying abroad in countries like the USA, Germany, or Canada. For those preferring affordable education and a long-term plan to settle in India, pursue MSc in a specialized field from top Indian institutes. Opt for fields like Bioinformatics, Medical Biotechnology, or Industrial Biotechnology, which offer the best combination of high salaries and demand. All the BEST for your Prosperous Future.

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Question by Anirvinna - Nov 22, 2024Hindi

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Sir Greetings! is it true that now UGC wont differentiate rather treats equally both regular and correspondence degree or PG. Even correspondence students are eligible and apply for both govt and private sector jobs. I heard even companies need to accept correspondence degree done in India. Sir please clarify without any ambiguity in this regard. This is Q has been bothering me for quite sometime

Ans: Anirvinna, The University Grants Commission (UGC) and other regulatory bodies in India have made significant efforts to ensure that distance education degrees are treated as equivalent to regular degrees. The UGC states that degrees obtained through distance or online education from recognized institutions are equivalent to regular degrees, applicable for both government and private sector jobs. The Distance Education Bureau (DEB) ensures the quality of distance education programs and oversees compliance. Distance education degrees are valid for all government jobs, professional courses, and private sector acceptance. However, some organizations may prioritize candidates with regular degrees for certain roles due to perceptions of classroom rigor or networking opportunities. The UGC has encouraged universities to offer quality online programs, reducing the stigma associated with correspondence education. To enhance career prospects, consider pursuing correspondence programs from well-reputed institutions with strong alumni networks and industry connections. All the BEST for your Prosperous Future.

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Question by BR_ - Nov 14, 2024Hindi

Career

Is working as Delivery boy or BPO CC worth in Russian country?

Ans: BR, Working as a delivery personnel or a BPO in Russia can be a temporary option for short-term financial needs or gaining experience. Factors to consider include work permit requirements, language proficiency, and cultural adjustment. Delivery jobs in Russia typically offer modest pay, with cities like Moscow and St. Petersburg offering better earnings. BPO/Call Center jobs can be slightly better, depending on the employer and language skills required. The cost of living in cities like Moscow and St. Petersburg can be high, and work conditions can be physical and flexible. Career growth opportunities are limited in delivery jobs, while BPO/Call Center jobs offer opportunities for team leader or managerial roles. Risks include safety risks, health concerns, and limited job security.

Working as a delivery person or BPO in Russia may not provide substantial long-term benefits unless you leverage the experience to improve skills or transition to higher-paying roles. Consider alternative options such as upskilling in IT or any other domain you are interested in & consider other countries with higher salary package and better working conditions. All the BEST for your Prosperous 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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