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Ramalingam

Ramalingam Kalirajan  |9736 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 15, 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 - Apr 29, 2024Hindi
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Hello Sir, I'm 36 years old. Unmarried. I have a total take home salary of 1.15 lakh. I have a personal Loan EMI of 38k. LIC premium of 24k per year. 15k living cost like rent , bills and groceries. How should I plan money if I'm getting married next two years?

Ans: Congratulations on your upcoming milestone! Let's craft a financial plan to ensure you're well-prepared for marriage while managing your current expenses and liabilities effectively.

Debt Management
Personal Loan EMI: Since you have a personal loan EMI of 38k, prioritize paying off this debt as soon as possible to reduce financial strain and improve your debt-to-income ratio. Consider increasing your EMI amount if feasible to accelerate debt repayment and save on interest costs.
Expense Budgeting
Living Costs: Allocate a portion of your monthly income towards essential living expenses like rent, bills, groceries, and other necessities. Monitor your spending habits and look for opportunities to reduce discretionary expenses without compromising your lifestyle.

Future Marriage Expenses: Start budgeting for your upcoming marriage by estimating potential expenses like wedding ceremonies, venue bookings, catering, decorations, and other associated costs. Setting aside a portion of your income each month towards a dedicated wedding fund can help mitigate financial stress when the time comes.

Savings and Investments
Emergency Fund: Build an emergency fund equivalent to 3-6 months' worth of living expenses to cover unexpected financial setbacks like medical emergencies or job loss. Keep this fund in a liquid savings account or short-term fixed deposits for easy accessibility.

Long-term Goals: Begin investing towards your long-term financial goals, such as retirement planning, wealth accumulation, and asset building. Consider investing in diversified mutual funds, equity SIPs, or tax-saving instruments like ELSS to maximize returns and achieve financial independence over time.

Insurance Planning
Life Insurance: Ensure you have adequate life insurance coverage to protect your loved ones financially in case of any unforeseen events. Evaluate your insurance needs and consider purchasing term insurance with sufficient coverage based on your income, liabilities, and future responsibilities.

Health Insurance: Invest in a comprehensive health insurance policy to safeguard yourself and your future spouse against medical expenses. Look for plans that offer extensive coverage, including hospitalization, critical illness, and maternity benefits, to ensure comprehensive healthcare coverage.

Marriage Preparation
Financial Discussions: Have open and honest discussions with your partner about financial goals, spending habits, and expectations regarding money management after marriage. Establishing clear communication and mutual understanding can help build a strong foundation for financial harmony in your relationship.

Joint Financial Planning: Collaborate with your partner to create a joint budget, set shared financial goals, and develop a strategy for managing household finances together. Consider opening a joint savings account or investment portfolio to work towards common objectives and build wealth as a couple.

Professional Guidance
Consultation with Financial Advisor: Consider seeking advice from a Certified Financial Planner (CFP) or financial advisor to help you create a customized financial plan tailored to your specific needs and goals. They can offer valuable insights, recommendations, and strategies to optimize your financial journey and achieve marital bliss without financial worries.
Conclusion
By proactively managing your finances, prioritizing debt repayment, budgeting effectively, saving diligently, and investing wisely, you can prepare for your upcoming marriage with confidence and financial stability. With careful planning and prudent decision-making, you can embark on this new chapter of your life with peace of mind and financial security.

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.
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Ramalingam

Ramalingam Kalirajan  |9736 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 16, 2025

Asked by Anonymous - Jan 14, 2025Hindi
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Hi, I am 36 years old earning 1 lac per month. I am unmarried and has recently bought a house with 55 lacs loan for 25 years. I plan to get married this year. I wonder how should I do financial planning as I can't be working till the age of 60. Please suggest.
Ans: You have made a significant financial decision by purchasing a house with a Rs 55 lakh loan. At 36, you earn Rs 1 lakh per month and plan to marry soon. Let us structure a robust financial plan to ensure stability and early retirement without working until 60.

1. Assess Current Financial Situation
Understanding your financial commitments is the first step.

Your home loan EMI will form a major part of your monthly expenses.

Calculate your fixed expenses like loan EMIs, utilities, and essential needs.

Identify discretionary spending and aim to save 30–40% of your income.

2. Prioritise Emergency Fund Creation
An emergency fund ensures financial security during unexpected events.

Set aside 6–12 months’ expenses in a liquid fund.

Keep this fund accessible but separate from regular savings.

This fund can handle unexpected expenses like medical emergencies or job loss.

3. Clear High-Interest Debt First
Your home loan is long-term and tax-efficient, so focus on other debts if any.

Repay credit cards and personal loans quickly as they have high interest.

Avoid unnecessary borrowing for lifestyle expenses.

4. Plan for Marriage Expenses
Marriages often involve significant costs, so plan them wisely.

Allocate a specific budget for marriage-related expenses.

Avoid using savings for marriage; consider creating a short-term investment plan.

Discuss shared financial goals with your partner before planning expenses.

5. Home Loan Repayment Strategy
Reducing your home loan burden over time is essential.

Use salary hikes or bonuses to make part prepayments annually.

Prepayments reduce the interest burden and shorten the loan tenure.

Claim tax benefits on principal and interest under Sections 80C and 24(b).

6. Invest Wisely for Early Retirement
Building a corpus for early retirement requires disciplined investing.

Allocate a significant portion of savings to equity mutual funds for growth.

Use hybrid or balanced funds for moderate risk and stability.

Invest in debt mutual funds for stable returns and diversification.

7. Health and Life Insurance
Insurance protects your family from financial instability.

Buy adequate term insurance for life cover, considering your loan liability.

Opt for health insurance to cover medical expenses for you and your future spouse.

Avoid investment-cum-insurance policies like ULIPs as they offer low returns.

8. Retirement Corpus Estimation
You need a sizeable corpus to retire before 60 comfortably.

Factor in inflation and increasing expenses while planning the corpus.

Use systematic investment plans (SIPs) for long-term wealth creation.

Choose funds with consistent performance and invest through an MFD with CFP credentials.

9. Tax Planning and Savings
Tax efficiency is vital for increasing your disposable income.

Maximise deductions under Section 80C using EPF, PPF, or ELSS investments.

Claim home loan interest under Section 24(b) for tax benefits.

Avoid investing in products with lower post-tax returns.

10. Discuss Financial Goals with Your Spouse
Financial alignment with your spouse is critical.

Plan for joint expenses like home management and child education.

Discuss shared goals like retirement, travel, or higher education for children.

Create a joint financial plan to achieve these goals effectively.

11. Revisit and Rebalance Investments Regularly
Your financial goals and risk tolerance may evolve over time.

Review your investment portfolio annually with a Certified Financial Planner.

Rebalance your investments to maintain optimal asset allocation.

Adjust investments based on income changes, expenses, or major life events.

12. Avoid Unnecessary Financial Risks
Avoid high-risk investments as they could derail your plans.

Stay away from speculative stocks or volatile investments.

Avoid over-diversification in mutual funds, which dilutes returns.

Ensure investments align with your risk profile and time horizon.

Final Insights
Planning for early retirement is achievable with disciplined saving and investing.

Build a robust portfolio with a mix of equity, debt, and hybrid funds.

Reduce loan liabilities through prepayments and tax benefits.

Align your financial goals with your partner to ensure stability and security.

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  |8825 Answers  |Ask -

Career Counsellor - Answered on Jul 15, 2025

Career
Hello Sir i haved posted my question earlier too. My son scored 76233rank in jee mains. Mhtcet 98.6.we have already enroled in Manipal main campus fir ece. Mhtcet councelling has not yet started. If he gets vjit or coep ece branch should we switch collage. Is Manipal a good option
Ans: Ranjeeta Madam, Manipal Institute of Technology (MIT) Manipal’s B.Tech in Electronics & Communication Engineering benefits from NAAC A++ accreditation, PhD-qualified faculty, modern VLSI, signal-processing and IoT labs, and a dedicated placement cell that records around an 80–85% ECE placement consistency over recent years¹. Vidya VJTI Pune’s ECE branch achieved an 82% placement rate in 2025, hosting top recruiters such as Microsoft, Amazon and TCS, with rigorous industry collaborations and a legacy campus infrastructure². COEP Pune’s Electronics & Telecommunication Engineering reports an 85.87% placement rate, backed by NIRF ranking among top engineering institutes, state-of-the-art labs and over 198 participating companies³. Each institution offers strong academic frameworks, substantial industry tie-ups, robust labs and sizable recruiter networks, though COEP’s government-funded status and VJTI’s central-Mumbai location provide added prestige and local connectivity.

Recommendation: Retain the Manipal seat if you value a globally diverse campus environment, flexible elective streams and established industry partnerships (however, check its REFUND policy/Last Date to withdraw the allotted seat, if your son has got better option through MHT-CET); consider switching to COEP Pune for its top-tier NIRF standing, slightly higher ECE placement consistency and government-backed credentials; VJTI Pune is a solid alternative for centralized urban access and reputable placements in electronics. My suggestion: While Manipal is a highly regarded, NIRF-ranked institution, it is advisable to consider securing admission to one of the top three engineering colleges in Maharashtra through MHT-CET, especially as this can offer significant benefits connected to your state and location, including preferential seat allocation, local support, and long-term career opportunities within your home region. All the BEST for Admission & a Prosperous Future!

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Nayagam P

Nayagam P P  |8825 Answers  |Ask -

Career Counsellor - Answered on Jul 15, 2025

Career
Hi sir I got 94 percentile in cet with obc caste which clg in Mumbai I can get for cse
Ans: Om, With a 94 percentile in MHT CET under the OBC category and Maharashtra domicile, you have excellent admission prospects at numerous reputable engineering colleges in Mumbai for Computer Science Engineering and allied branches. A 94 percentile typically corresponds to ranks around 15,000-20,000, which qualifies for assured admission through MHT CET counselling at institutes whose OBC category cutoffs fall at or below this percentile. These ten colleges are AICTE-approved, NBA/NAAC-accredited, feature modern computing and AI/ML labs, experienced faculty, strong industry partnerships, and placement cells recording 75-92% branch-wise placements over the last three years. Thakur College of Engineering and Technology, Kandivali East, Mumbai. Rajiv Gandhi Institute of Technology, Andheri West, Mumbai. Vidyalankar Institute of Technology, Wadala, Mumbai. Xavier Institute of Engineering, Mahim, Mumbai. Vivekananda Education Society's Institute of Technology, Chembur, Mumbai. Atharva College of Engineering, Malad, Mumbai. Ramrao Adik Institute of Technology, Nerul, Mumbai. Bharati Vidyapeeth College of Engineering, Kharghar, Mumbai. K.J. Somaiya Institute of Technology, Vidyavihar, Mumbai. St. Francis Institute of Technology, Borivali West, Mumbai.

Recommendation: Prioritize Thakur College of Engineering and Technology, Kandivali East, Mumbai for its comprehensive CSE curriculum, modern AI/ML infrastructure, and strong placement consistency averaging 90% with top-tier recruiters. Next, choose Rajiv Gandhi Institute of Technology, Andheri West, Mumbai for its urban location and consistent 93% placement record. Then select Vidyalankar Institute of Technology, Wadala, Mumbai for its established computing labs and 85% placement rate. Consider Xavier Institute of Engineering, Mahim, Mumbai for its strong industry partnerships and dedicated placement cell, and finally opt for Vivekananda Education Society's Institute of Technology, Chembur, Mumbai for its balanced academic-industry focus and consistent recruiter engagement. All the BEST for Admission & a 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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