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Ramalingam

Ramalingam Kalirajan  |8092 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Oct 26, 2023

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Asked by Anonymous - Oct 20, 2023Hindi
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Hi, I am at 32 years old my monthly income is 32000 I also have home loan where my EMI is 14000 how much can I save monthly so at the age of 60 I get at least 1 cr

Ans: By investing Rs 5000 in a good actively managed diversified equity funds, you can accumulate Rs 1.21 crores when you reach 60 years. The assumed rate of return is 12%
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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Ramalingam

Ramalingam Kalirajan  |8092 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 30, 2024

Asked by Anonymous - Apr 30, 2024Hindi
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Sir, I have purchased a house of 2160000 at 9% home loan compound interest and my monthly emi is 19400 approx and I have also rented the appartment out at 12500 , so basically I have to pay 7k per month to complete emi from my pocket, my in hand salary is 44k and my age is 29 , I have to give 11000 rent to my landlord and plus 8000 expenses and I also help my parents giving 10k each month so I almost left with 10k month approx by the time of next month salary credit. Can I do something more to save for future?
Ans: It's great that you're thinking about saving for the future despite your current financial commitments. Here are some steps you can consider to maximize your savings:

Budgeting: Start by reviewing your expenses and identifying areas where you can cut back. Look for any unnecessary spending or subscriptions that you can eliminate. Creating a budget can help you track your expenses more effectively and ensure that you're making the most of your income.
Emergency Fund: Building an emergency fund should be your top priority. Aim to save at least three to six months' worth of living expenses in an easily accessible savings account. This fund will provide you with a financial safety net in case of unexpected expenses or emergencies.
Investment Opportunities: Consider exploring investment options that can help grow your wealth over the long term. Look into mutual funds, stocks, or other investment vehicles that align with your risk tolerance and financial goals. Starting with small, regular investments can gradually build up your portfolio over time.
Additional Income: Explore opportunities to increase your income outside of your regular job. This could involve freelancing, part-time work, or starting a side business based on your skills and interests. Any additional income you earn can be directed towards savings and investments.
Review Loan Options: Since a significant portion of your income is going towards your home loan, consider exploring options to refinance or renegotiate the terms of your loan to potentially lower your monthly payments. However, be sure to carefully evaluate the terms and any associated costs before making any decisions.
Financial Planning: Consider consulting with a financial advisor to help you develop a personalized financial plan. They can provide valuable insights and guidance tailored to your specific situation and goals, helping you make informed decisions about saving, investing, and achieving financial security for the future.
Remember, the key to financial stability is consistency and discipline. By taking proactive steps to manage your finances and prioritize saving, you can work towards a more secure and prosperous future.

..Read more

Ramalingam

Ramalingam Kalirajan  |8092 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 22, 2025

Asked by Anonymous - Jan 22, 2025Hindi
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My age is 37 years but I have no savings my income is 1.10lakh per month and spending is 35000how much amount of money I need to save in a month and where I need to save to get retirement at age 55
Ans: You are 37 years old with a stable income of Rs. 1.10 lakh per month.

Monthly expenses are Rs. 35,000, leaving Rs. 75,000 as surplus.

There are no savings currently, which means you need to start from scratch.

Retirement at age 55 leaves 18 years for financial planning.

Set Your Retirement Goal
Decide your retirement corpus based on lifestyle needs.

Consider inflation and plan for 30+ years post-retirement.

Assume monthly expenses of Rs. 35,000 today. Adjust them for inflation.

A Certified Financial Planner can help calculate your retirement corpus.

Determine Savings Target
Start saving at least 50-60% of your surplus.

Target saving Rs. 50,000 to Rs. 60,000 monthly consistently.

Increase savings as your income grows in the future.

Early and disciplined saving will ease the burden later.

Create a Diversified Investment Portfolio
Equity Mutual Funds
Equity mutual funds offer long-term growth.

Invest 70% of savings here for higher returns.

Choose actively managed funds for wealth creation.

Invest regularly through monthly SIPs.

Debt Mutual Funds
Allocate 20% of savings to debt mutual funds.

These funds ensure stability and lower risk.

Use them for medium-term goals and rebalancing.

Public Provident Fund (PPF)
Invest 10% of savings in PPF for tax-free returns.

PPF is a secure, long-term investment option.

Regular Review and Rebalancing
Review your portfolio yearly to track progress.

Rebalance investments to maintain equity and debt ratio.

Adjust for changing income, expenses, and market conditions.

Emergency Fund and Insurance
Build an emergency fund with 6 months of expenses.

Keep this fund in liquid instruments like FDs or savings accounts.

Get adequate health and term insurance coverage.

Avoid Common Mistakes
Do not invest in real estate for retirement planning.

Avoid ULIPs or investment-cum-insurance policies.

Focus on investments aligned with your goals.

Tax Efficiency in Investments
Use tax-saving instruments under Section 80C.

Stay updated on mutual fund capital gains taxation.

Use the guidance of a Certified Financial Planner for tax planning.

Final Insights
Start saving Rs. 50,000-60,000 monthly immediately.

Invest in equity, debt, and PPF for diversification.

Review and adjust your plan regularly for better results.

Stay disciplined and focus on long-term goals for retirement at 55.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

..Read more

Latest Questions
Nayagam P

Nayagam P P  |4311 Answers  |Ask -

Career Counsellor - Answered on Mar 10, 2025

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Can My Son Get NIT Or CSE With 88.87percentile in JEE Mains (GM)? Obc Ncl category
Ans: Pramod Sir, Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Once the January JEE Main session results was declared, many students and JEE applicants started asking common questions about eligibility for specific institutes (NITs, IIITs, GFTIs, etc.) based on their percentile, category, preferred branch, and home state.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile (Convert percentile into Rank withe help of a formula available in Google).
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates Option also and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, and preparation strategies, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your Son's admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

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Aamish

Aamish Dhingra  |13 Answers  |Ask -

Life Coach - Answered on Mar 10, 2025

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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