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Ramalingam

Ramalingam Kalirajan  |9227 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 13, 2024

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 - Jul 12, 2024Hindi
Money

I am in a debt for 40000 rupees. I am a student right now. I am in my third year. I don't know what to do. I can't tell my parents

Ans: Managing debt as a student can be challenging, but there are ways to handle it without involving your parents. Here’s a detailed plan to help you manage and eventually eliminate your Rs. 40,000 debt.

Assessing Your Financial Situation
Understanding the Debt
Total Debt:

Rs. 40,000.
Interest Rate:

Determine the interest rate on your debt. This helps prioritize repayment.
Monthly Obligations:

List your monthly expenses, including essentials and discretionary spending.
Creating a Repayment Plan
Budgeting
Track Expenses:

List all your monthly expenses. Categorize them into essentials (rent, food, transportation) and non-essentials (entertainment, dining out).
Identify Savings:

Find areas where you can cut back. Aim to save as much as possible to allocate towards debt repayment.
Set a Budget:

Create a realistic budget. Allocate a specific amount each month towards debt repayment.
Generating Additional Income
Part-Time Jobs:

Look for part-time jobs that fit your schedule. Tutoring, freelance work, or campus jobs are good options.
Sell Unused Items:

Sell items you no longer need online. This can provide quick cash.
Freelancing:

Use your skills to offer freelance services. Writing, graphic design, and coding are in demand.
Prioritizing Debt Repayment
High-Interest Debt:

Focus on paying off high-interest debt first. This reduces the total interest you’ll pay.
Snowball Method:

Alternatively, pay off the smallest debts first. This gives a psychological boost as you eliminate debts.
Debt Consolidation:

If you have multiple debts, consider consolidating them into a single loan with a lower interest rate. This simplifies repayment and may reduce interest.
Reducing Expenses
Essentials vs. Non-Essentials
Essentials:

Rent, food, transportation, and utilities. Aim to minimize these where possible without compromising your well-being.
Non-Essentials:

Entertainment, dining out, and luxury items. Cut back or eliminate these expenses until your debt is manageable.
Student Discounts and Offers
Use Discounts:

Take advantage of student discounts on essentials and non-essentials. Many businesses offer discounts to students.
Campus Resources:

Utilize campus resources like libraries, gyms, and career centers. These can save you money on books, fitness, and job searches.
Seeking Financial Assistance
Scholarships and Grants
Apply for Scholarships:

Research and apply for scholarships. Many organizations offer scholarships to students in need.
Grants:

Look for grants offered by your university or external organizations. These don’t need to be repaid.
Emergency Funds
University Emergency Funds:

Some universities offer emergency funds for students in financial distress. Check with your university’s financial aid office.
Local Charities:

Research local charities or non-profits that assist students in financial need.
Building Financial Literacy
Educate Yourself
Financial Literacy Courses:

Take free online courses on personal finance. Understanding how to manage money is crucial for long-term financial health.
Books and Articles:

Read books and articles on budgeting, saving, and investing. The more you know, the better you can manage your finances.
Creating Long-Term Financial Goals
Short-Term Goals:

Pay off your Rs. 40,000 debt within a specific timeframe. This is your immediate priority.
Medium-Term Goals:

Start saving for an emergency fund. Aim to save at least 3-6 months’ worth of living expenses.
Long-Term Goals:

Plan for future financial stability. This includes saving for major expenses and investing for the future.
Maintaining Financial Discipline
Avoiding Future Debt
Credit Card Use:

Avoid using credit cards unless you can pay off the balance in full each month. Credit card debt can accumulate quickly due to high-interest rates.
Loans:

Only take out loans for essential expenses. Avoid borrowing for non-essential items or luxury goods.
Regular Financial Check-Ups
Monitor Your Progress:

Regularly review your budget and debt repayment plan. Adjust as needed to stay on track.
Celebrate Milestones:

Celebrate small milestones in your debt repayment journey. This keeps you motivated.
Building a Support Network
Friends and Mentors
Seek Support:

Talk to trusted friends or mentors about your financial goals. They can offer advice and support.
Accountability Partner:

Find someone who can hold you accountable for your financial decisions. This can help you stay disciplined.
Financial Counseling
University Resources:

Many universities offer financial counseling services. Take advantage of these resources for personalized advice.
Online Resources:

Use online tools and resources for budgeting and financial planning. Apps and websites can help you stay organized.
Final Insights
Dealing with debt as a student can be overwhelming, but with the right approach, you can manage and eliminate it. By creating a budget, generating additional income, and cutting unnecessary expenses, you can start paying off your Rs. 40,000 debt. Utilize student discounts, scholarships, and emergency funds where possible. Building financial literacy and maintaining discipline will help you avoid future debt and achieve financial stability.

Remember, you’re not alone in this journey. Many students face similar challenges. With determination and the right strategies, you can overcome this hurdle and build a secure financial future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
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.
Money

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Ramalingam

Ramalingam Kalirajan  |9227 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 06, 2024

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I am 28 years old unmarried. Im in a very bad position as of now. I have 10L debt and i dont have a job. Everymonth i have to pay around 50k so that i am taking credit from other sources and paying the immediate debts. but my debt has been increased exponentially i dont have any other source to take loans, borrow etc. I am stuck now what to do? Please help me out of this. And i dont have any good skills to get a high paying job.
Ans: I understand that you are in a tough situation right now, and it can feel overwhelming. Let’s work through a plan step-by-step to help you manage your debt and improve your financial situation.

Assessing Your Current Financial Situation
Total Debt
Debt: Rs. 10 lakhs
Monthly Payment: Rs. 50,000
Immediate Actions
1. Stop Taking More Loans
Taking more loans to pay off existing ones will only increase your debt. It’s crucial to stop this cycle immediately.

2. Prioritize Essential Expenses
Identify your essential expenses. Focus on food, shelter, and basic utilities. Everything else should be secondary.

Debt Management Plan
3. Contact Your Creditors
Reach out to your creditors. Explain your situation honestly. Request a lower monthly payment or an extension on the repayment period. Many creditors are willing to negotiate.

4. Consolidate Your Debt
If possible, consolidate your debt into a single loan with a lower interest rate. This can make managing your debt easier and reduce your monthly payment.

Finding Income Sources
5. Temporary or Part-Time Jobs
Look for temporary or part-time jobs. These might not be high-paying, but every bit helps. Consider gig economy jobs like delivery services, freelancing, or part-time retail work.

6. Upskill
Invest in learning new skills. Many online platforms offer free or low-cost courses. Focus on skills that are in high demand, like digital marketing, coding, or data analysis. This can improve your chances of getting a better job.

Budgeting and Saving
7. Create a Budget
Create a strict budget. Track every rupee you spend. Cut down on non-essential expenses. This will help you manage your money better.

8. Emergency Fund
Once you start earning, build an emergency fund. This fund should cover 3-6 months of your essential expenses. It will provide a safety net in case of unexpected financial emergencies.

Emotional and Mental Health
9. Seek Support
Talk to friends, family, or a professional counselor. Sharing your problems can reduce stress and provide new perspectives.

Long-Term Financial Planning
10. Set Financial Goals
Set clear, achievable financial goals. This will give you a sense of direction and motivation. Start with small goals, like saving a certain amount each month.

Practical Steps to Find a Job
11. Networking
Network with people in your field. Attend job fairs, join professional groups, and use social media to connect with potential employers.

12. Tailored Resume and Cover Letter
Tailor your resume and cover letter for each job application. Highlight your strengths and any relevant experience. Even if your experience is limited, focus on your willingness to learn and adapt.

Exploring Government Schemes and Non-Profit Organizations
13. Government Schemes
Look into government schemes for unemployed individuals. There might be programs offering financial aid, training, or job placement services.

14. Non-Profit Organizations
Reach out to non-profit organizations. Many offer financial counseling, job training, and placement services for free.

Utilizing Free Resources
15. Online Learning Platforms
Use free resources like Coursera, edX, and Khan Academy. These platforms offer a wide range of courses that can help you learn new skills and improve your employability.

Summary and Action Plan
Stop Taking More Loans: Avoid increasing your debt further.

Prioritize Essential Expenses: Focus on basic needs.

Contact Creditors: Negotiate for lower payments.

Consolidate Debt: Simplify and reduce your debt.

Find Temporary Jobs: Look for any available work.

Upskill: Learn new, marketable skills online.

Create a Budget: Manage your money carefully.

Build an Emergency Fund: Save for unexpected expenses.

Seek Support: Talk to loved ones or a counselor.

Set Financial Goals: Plan for the future.

Network for Jobs: Connect with potential employers.

Tailored Applications: Customize your job applications.

Explore Government Schemes: Look for aid programs.

Utilize Non-Profits: Seek help from organizations.

Use Free Resources: Learn and improve skills online.

Starting from a challenging position requires determination and patience. By taking these steps, you can gradually improve your financial situation and build a stable future.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |9227 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 20, 2025

Asked by Anonymous - Jan 19, 2025Hindi
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Money
What should I do when I have to much loan. At the moment am not working.
Ans: Having too much loan and no current income is challenging but not unmanageable. By following a structured approach, you can regain financial stability. Below is a detailed step-by-step plan to address this situation.

Assess Your Loan Situation
List All Loans
Write down all loans with outstanding amounts.

Include home loans, personal loans, car loans, and credit card debts.

Note the interest rates and EMI amounts for each loan.

Prioritise Debts
Prioritise high-interest loans like credit card debts and personal loans.

Low-interest loans can be managed later.

Check Loan Tenure
Understand the remaining tenure of each loan.

This will help in planning repayments effectively.

Create a Temporary Budget
Analyse Monthly Expenses
List essential expenses like food, utilities, and rent.

Avoid unnecessary spending like dining out or online shopping.

Cut Costs
Reduce discretionary expenses to free up cash flow.

Look for cheaper alternatives in daily living.

Allocate for Loan Repayment
Use any available funds to cover immediate EMIs.

Ensure timely payments to avoid penalties.

Explore Alternative Income Sources
Leverage Skills
Identify skills that can help you earn part-time income.

Freelancing, tutoring, or consulting can bring immediate cash flow.

Sell Unused Assets
Sell assets like gold, gadgets, or a second vehicle.

Use the proceeds to repay high-interest loans.

Liquidate Non-Essential Investments
Check for liquid investments like FDs or mutual funds.

Use these funds to reduce your debt burden.

Restructure Loans
Request Loan Moratorium
Approach your bank for a temporary moratorium on EMIs.

This provides breathing space for a few months.

Consolidate Loans
Combine high-interest loans into a single low-interest loan.

This simplifies repayment and reduces monthly outflows.

Extend Loan Tenure
Request lenders to increase the loan tenure.

This lowers EMIs but increases total interest.

Negotiate with Lenders
Request Reduced EMIs
Speak with lenders about lowering EMI amounts temporarily.

They may agree based on your repayment history.

Waive Penalties
Request lenders to waive penalties for delayed payments.

Many lenders are flexible during financial hardships.

Avoid Common Mistakes
Do Not Ignore Payments
Skipping payments will increase penalties and impact your credit score.
Avoid New Loans
Do not take additional loans to repay existing ones.

This creates a debt trap.

Avoid Loan Sharks
Do not borrow from informal sources with exorbitant interest rates.
Seek Professional Guidance
Certified Financial Planner Support
Work with a Certified Financial Planner to create a structured debt repayment plan.

They will help you balance short-term and long-term needs.

Debt Counsellors
Consider debt counselling services for expert negotiation with lenders.

They provide tailored solutions to manage your debt.

Emergency Measures
Borrow from Family or Friends
Request a short-term loan from family or friends without interest.

Use this only as a last resort and repay promptly.

Tap into Savings
Use savings cautiously for essential loan repayments.

Do not exhaust emergency funds completely.

Final Insights
Managing high loans without income requires careful planning and action.

Prioritise high-interest loans and negotiate with lenders for relief.

Explore alternative income sources to create cash flow.

A Certified Financial Planner can help you achieve long-term stability.

Stay disciplined, and avoid impulsive financial decisions.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

..Read more

Samraat

Samraat Jadhav  |2355 Answers  |Ask -

Stock Market Expert - Answered on Jun 11, 2025

Asked by Anonymous - Jun 11, 2025
Money
Hi, I am 33 yr old working in a private ltd company having a package of 13LPA. I have seen a very tough childhood with lot of financial pressure. Never indulged in any kind of luxury or hobbies. After getting job, tried to fulfill some dreams of my parents. Made some tours, bought an apartment and married my loved one. After that, suddenly both my parents got major medical issue. Heart attack and Cancer. I have made them cure completely and both of them now ok. After all that I had a debt of 40L in 2023 and I was puzzled, how to repay them. Then the worst thing happened, with social media influence I took some more loan and traded in F&O and lost another 15L. Now my total debt is 60L - 20L HL, 20L PL. 5L GL and 15L CC outstanding. I am the single bread earner for 5 persons. I am helpless. Please help me. I am a really dedicated employee and very hard working.
Ans: Let’s approach this in phases, like a strategy to reclaim your peace and your finances:

Phase 1: Stabilize and Stop the Bleeding
- Stop any further trading or taking on new loans — this may already be clear to you now, but your awareness and admission show that you’ve learned from it.
- Prioritize debts by urgency and interest rates:
- Credit card (15L) – likely highest interest, needs urgent attention.
- Gold loan (5L) – usually short-term, with moderate rates. Negotiate rollover if needed.
- Personal loan (20L) – medium-term priority.
- Home loan (20L) – lowest priority; keep EMIs running if possible.
- Talk to lenders now. Many offer restructuring under RBI guidelines:
- Convert CC or PL into longer-term loans with lower EMIs.
- Ask about moratorium or partial payments.
- Use the term "financial hardship due to medical emergency"—many lenders will respond better when it’s health-related.

Phase 2: Budget Like a Warrior
You earn ?13L per year (~?80K/month in hand post-tax & PF). The goal is to reduce EMIs to ~?40-45K/month if possible, leaving you enough to survive and breathe.
- Draft a no-frills survival budget—cut down discretionary expenses to zero for 12 months.
- Consider staying with extended family (if possible) to reduce rent or utility pressure.
- Free apps like Walnut or Cube Wealth can help you track and trim with precision.

Phase 3: Explore Boosters
- Secondary Income: With your skill set and dedication, explore freelance remote projects. Just 5–10K/month can be a massive psychological win and financial relief.
- Government Schemes: If your parents are now senior citizens, explore Ayushman Bharat or state-level health subsidies to avoid future shocks.

And finally—your mindset
This situation is brutal, yes. But temporary. You’ve survived the worst—health emergencies, emotional betrayal by social media influencers, and financial collapse. You’ve already paid the cost of those mistakes. You don’t owe them another ounce of your peace or self-worth.
You’re not the guy who failed with F&O trades.
You’re the guy who fought cancer and heart attacks and won.

..Read more

Latest Questions
Prof Suvasish

Prof Suvasish Mukhopadhyay  |1737 Answers  |Ask -

Career Counsellor - Answered on Jun 25, 2025

Asked by Anonymous - Jun 25, 2025Hindi
Career
Sir the kcet verification slip has been released now. But I have received my re evaluated cbse board marks now and there is an increment of 10 marks in PCM. Can I update my marks now and get a new rank somehow? And what is the procedure for that?
Ans: Yes, you can update your KCET application with your new CBSE marks after re-evaluation. However, whether it impacts your rank depends on the Karnataka Examination Authority (KEA) rules and when your revised marks are released—especially in relation to the KCET counseling schedule.

Here's what you should do:
1. Check the KEA Website
Go to cetonline.karnataka.gov.in.

Look for any announcements or FAQs about:

Updating marks after re-evaluation.

Impact on KCET 2025 ranks and verification slip changes.

Check if they mention a process for submitting updated marks from other boards like CBSE.

2. Understand the Timeline
KCET Counseling Start Date:
If your updated CBSE marks come before KCET counseling begins, you’ll likely be allowed to update them.

CBSE Re-evaluation Timeline:
Re-evaluation takes time. Check CBSE’s website for expected timelines so you know when to expect your updated marks.

3. If Re-evaluation Results Come Before Counseling
Collect Documents:

Original CBSE mark sheet.

Revised mark sheet (after re-evaluation).

A copy of the re-evaluation confirmation (if available).

Contact KEA:

Use their official helpline or email (from their website).

Ask specifically how to update your marks in their system.

Follow KEA Instructions:

If allowed, KEA will give you exact steps—possibly uploading documents online or via a specific portal.

Rank Might Change:

If your updated marks are submitted in time, KEA may recalculate your rank using the new scores.

4. If Re-evaluation Results Come After Counseling
Spot Admissions or Special Rounds:

If regular counseling is over, you may not be able to change your application immediately.

However, you might be eligible for spot admissions or extra counseling rounds (if seats are still available).

Stay in Touch with KEA:

Contact them and ask whether your revised marks can still be considered in any remaining rounds.

5. General Tips
Don’t Assume Anything:
Always rely on official updates from KEA and CBSE. Don’t act on rumors or hearsay.

Keep All Records:
Save copies of your application, payment receipts, emails, and any mark sheets (old and revised).

Ask for Help if Needed:
If confused, talk to an education counselor or someone experienced with KCET admissions.

...Read more

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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