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How Can I Start Saving Money at 43 with a Low Income, Debt, and Kids?

Milind Vadjikar |785 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 30, 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

Question by jaganathan on Sep 29, 2024Hindi

Money

sir, Iam 43 yrs old working in a small company earning about 40 k , have 2 kids studying in school 9th & 11th std , own house & I have a 2 whlr loan of 5k - 2 yrs , i have no savings & have a debt of 50 k. what should i do need to save money ?

Ans: Even if you start a monthly sip of 5 K with 10% top-up each year it will grow into a corpus of 67 L in 17 years. (Modest return of 13% considered for investment in pure equity funds).

The EPF corpus you may use for children's education.

Feel free to revert in case of any query.

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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 Kalirajan |7290 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 26, 2024

Asked by Anonymous - May 25, 2024Hindi

Money

I am 40 and my husband is 44yrs old together we earn 2lakh per month, we have housing loan for 80 lakh and 18lakh respectively, I have a 13yr old daughter how can I save money for our retirement and child higher education, please guide

Ans: Planning for Retirement and Child's Higher Education
Your combined monthly income of Rs 2 lakh is a solid base to build on. Managing housing loans while planning for retirement and your child's education requires a strategic approach. Let’s break it down step by step.

Understanding Your Financial Situation
You have an Rs 80 lakh housing loan and another Rs 18 lakh housing loan. Balancing these loans with your income and future goals is key. Your daughter is 13, so you have a few years to save for her higher education.

Setting Clear Financial Goals
1. Retirement Planning

You and your husband need a comfortable retirement plan. Think about the lifestyle you want post-retirement and estimate your expenses.

2. Child’s Higher Education

Higher education can be costly. Estimate the amount needed for her college fees, living expenses, and other related costs.

Creating a Budget
A well-structured budget helps manage expenses and savings efficiently. Allocate portions of your income to different needs:

Housing loan EMIs
Household expenses
Emergency fund
Investments for retirement
Savings for child’s education
Reducing Debt
Prioritise Debt Repayment

Focus on repaying the higher interest loan first. This reduces your financial burden faster and frees up money for savings and investments.

Consider Refinancing

Explore refinancing options to lower your EMIs. This can give you more disposable income to allocate towards your goals.

Building an Emergency Fund
An emergency fund should cover 6-12 months of living expenses. This protects you from financial shocks and prevents dipping into retirement or education savings.

Investing for Retirement
Diversified Portfolio

Invest in a mix of equity, debt, and hybrid funds. This balances risk and returns, ensuring steady growth over time.

Equity Funds

Given your risk appetite and time horizon, equity funds can offer higher returns. They are suitable for long-term investments.

Debt Funds

Debt funds provide stability and are less volatile. They help preserve capital and provide steady income.

Hybrid Funds

Hybrid funds invest in both equity and debt, balancing growth and safety. They are ideal for medium to long-term goals.

Saving for Child’s Higher Education
Systematic Investment Plan (SIP)

Start a SIP in equity mutual funds dedicated to your daughter’s education. This ensures disciplined savings and benefits from rupee cost averaging.

Education-specific Plans

Consider child education plans offered by mutual funds. These are tailored for education needs and provide a mix of growth and safety.

Regular Monitoring and Rebalancing
Track Your Investments

Regularly review your investment portfolio. This ensures your investments are performing well and aligned with your goals.

Rebalance Annually

Rebalance your portfolio annually to maintain the desired asset allocation. This keeps your investments on track to meet your objectives.

Consulting a Certified Financial Planner
A Certified Financial Planner (CFP) can provide personalised advice. They help you create a tailored investment strategy and navigate financial challenges.

Tax Planning
Utilise Tax Benefits

Make use of tax-saving instruments under Section 80C and 80D. This reduces your taxable income and increases your savings.

Tax-efficient Investments

Invest in tax-efficient funds that offer better post-tax returns. Consult with your CFP for suitable options.

Insurance Coverage
Life Insurance

Ensure adequate life insurance coverage for both you and your husband. This secures your family's financial future in case of any unfortunate event.

Health Insurance

A comprehensive health insurance plan protects you from high medical costs. It preserves your savings for retirement and education.

Final Thoughts
Your dedication to securing your financial future is admirable. By following these steps, you can effectively manage your loans, save for your daughter’s education, and plan for a comfortable retirement. Stay disciplined and periodically review your financial plan to ensure you are on track.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ramalingam Kalirajan |7290 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jun 18, 2024

Asked by Anonymous - Jun 14, 2024Hindi

Money

Hi sir I have 125000 income out of which 70000 goes for home loan I have two kids they are studying in degree and MBA and I am not able to save money how to plan for future and how to cut short expenses please advise

Ans: Planning for the future when you have a significant portion of your income allocated to a home loan and educational expenses for your children can be challenging. With a monthly income of Rs. 125,000 and Rs. 70,000 going towards your home loan, it's essential to find ways to manage your finances effectively. In this guide, I will provide a comprehensive plan to help you cut expenses, save money, and plan for a secure financial future.

Assessing Your Current Financial Situation
Income and Expenses
Your monthly income is Rs. 125,000. The home loan EMI is Rs. 70,000, which leaves you with Rs. 55,000 for other expenses. This allocation shows a heavy burden from the home loan.

Education Costs
Your children are studying in degree and MBA programs. Educational expenses can be high, including tuition fees, books, and other costs. These need careful planning.

Budgeting and Expense Management
Creating a Budget
Start with a detailed budget. List all your expenses, categorizing them into fixed (home loan EMI, education fees) and variable (groceries, utilities, entertainment). This clarity helps in identifying areas where you can cut costs.

Prioritizing Expenses
Prioritize essential expenses like education, utilities, and groceries. Identify non-essential expenses that can be reduced or eliminated. This step is crucial for effective financial management.

Tracking Spending
Track your spending to ensure adherence to the budget. Use tools like expense-tracking apps or maintain a manual record. This practice helps in monitoring and controlling expenses.

Cutting Down Expenses
Reducing Discretionary Spending
Discretionary spending includes entertainment, dining out, and luxury items. Reduce these expenses by choosing cost-effective alternatives. For example, cook at home instead of dining out.

Saving on Utilities
Implement energy-saving measures to reduce utility bills. Use energy-efficient appliances, turn off lights when not in use, and opt for energy-saving plans offered by utility providers.

Educational Expenses
Look for scholarships, grants, or educational loans with favorable terms for your children. Encourage them to seek part-time jobs or internships to support their education costs.

Debt Management
Refinancing Your Home Loan
Explore the possibility of refinancing your home loan. Refinancing at a lower interest rate can reduce your EMI, freeing up funds for savings and other expenses.

Prepaying Your Loan
If you receive any windfalls or bonuses, consider using them to prepay your home loan. This strategy reduces the principal amount and, consequently, the interest burden.

Increasing Income
Exploring Additional Income Sources
Look for additional income sources such as freelancing, part-time jobs, or consulting. Leveraging your skills and expertise can provide an extra income stream.

Passive Income Opportunities
Consider passive income opportunities like investments in mutual funds or fixed deposits. These investments can generate additional income over time.

Financial Planning for the Future
Setting Financial Goals
Set clear financial goals for the short term, medium term, and long term. Goals could include building an emergency fund, saving for your children’s higher education, and planning for retirement.

Emergency Fund
Build an emergency fund covering 6-12 months of expenses. This fund acts as a financial cushion during unforeseen circumstances like job loss or medical emergencies.

Insurance Coverage
Ensure adequate insurance coverage for health, life, and critical illness. This coverage protects your family from financial hardships in case of unexpected events.

Investment Strategy
Diversified Investment Portfolio
Create a diversified investment portfolio based on your risk tolerance and financial goals. Consider investing in mutual funds, fixed deposits, and other safe instruments.

Benefits of Actively Managed Funds
Actively managed funds are overseen by professional fund managers who actively make investment decisions to outperform the market. These funds can potentially provide higher returns compared to index funds, though they come with higher fees.

Avoiding Direct Funds
Direct funds require investors to manage their investments themselves, which can be challenging without expertise. Investing through a Certified Financial Planner (CFP) ensures professional management and better financial planning.

Financial Planning for Children’s Education
Education Fund
Start an education fund dedicated to your children's higher education. Regular contributions to this fund ensure you are financially prepared for their future educational needs.

Systematic Investment Plans (SIPs)
Consider Systematic Investment Plans (SIPs) in mutual funds. SIPs allow regular, disciplined investments that can grow over time, helping you accumulate a substantial education fund.

Retirement Planning
Early Planning
Start planning for retirement early. The earlier you start, the more time your investments have to grow, ensuring a comfortable retirement.

Retirement Funds
Invest in retirement-specific funds like the Public Provident Fund (PPF) or Employees’ Provident Fund (EPF). These funds provide long-term growth with tax benefits.

Genuine Compliments and Empathy
Compliments
Your commitment to your family’s future is truly admirable. Balancing a home loan, educational expenses, and daily living costs is challenging, and your dedication is commendable.

Empathy
It's understandable to feel overwhelmed by financial pressures. Many families face similar challenges, and seeking help to improve your financial situation is a positive step.

Practical Steps for Implementation
Regular Reviews
Regularly review your financial plan and adjust it as needed. Changes in income, expenses, or financial goals should prompt a review of your budget and investment strategy.

Professional Guidance
Engage a Certified Financial Planner (CFP) to help you create and manage your financial plan. A CFP provides expert advice, ensuring your financial decisions align with your goals.

Educating Family
Educate your family about financial management. Involving them in budgeting and saving processes fosters a collective effort towards achieving financial stability.

Final Insights
Balancing income, debt, and family expenses requires careful planning and disciplined execution. By creating a detailed budget, prioritizing expenses, and exploring additional income sources, you can manage your finances more effectively. Investing in a diversified portfolio, planning for your children’s education, and securing your retirement are essential steps for a secure financial future.

Engaging a Certified Financial Planner ensures professional guidance tailored to your unique situation. Your dedication to your family’s well-being and financial security is commendable. With the right strategies and support, you can achieve your financial goals and enjoy peace of mind.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ramalingam Kalirajan |7290 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 10, 2024

Question by Kamal - Jun 23, 2024Hindi

Money

My monthly income is Rs. 50,000. I have two children, and my monthly expenses are Rs. 35,000. I haven't been able to save anything so far. Please give me some tips so that I can save some money in the coming year and fund my children's education with my savings.

Ans: You have a monthly income of Rs. 50,000. Your monthly expenses are Rs. 35,000. You haven't been able to save anything so far. You also have two children and wish to fund their education with your savings.

Understanding Your Situation
I understand the pressure you feel managing expenses and trying to save. You're not alone, many face this challenge. Let's work on a plan to help you save and secure your children's future.

Evaluating Expenses
First, let's examine your expenses. Your monthly expenses are Rs. 35,000 out of Rs. 50,000 income. This leaves Rs. 15,000 as potential savings. Identifying areas where you can cut costs can significantly impact your savings.

Expense Breakdown
Let's categorize your expenses:

Essential Expenses: Rent, groceries, utilities, education fees.
Non-Essential Expenses: Dining out, entertainment, luxury items.
Tracking your spending for a month will highlight areas to reduce non-essential expenses.

Creating a Budget
Creating a budget is essential. Allocate a specific amount to each category:

Essentials: Rs. 25,000
Non-Essentials: Rs. 5,000
Savings: Rs. 10,000
Stick to this budget and monitor regularly.

Setting Financial Goals
Set short-term and long-term financial goals. Short-term goals include building an emergency fund. Long-term goals are funding your children's education and retirement.

Emergency Fund
Building an emergency fund is crucial. Aim for 3-6 months of living expenses. Start with Rs. 1,000 a month and gradually increase it.

Children's Education Fund
Investing in mutual funds can help grow your savings for your children's education. Mutual funds offer various options based on risk tolerance and investment horizon.

Mutual Funds: An Overview
Categories: There are equity, debt, hybrid funds. Equity funds invest in stocks, debt funds in bonds, hybrid in both.

Advantages: They offer diversification, professional management, and liquidity. They can deliver good returns over time.

Power of Compounding: Investing early helps. The returns on your investment earn returns, growing your wealth exponentially.

Actively Managed Funds vs. Index Funds
Actively managed funds have a fund manager making investment decisions. Index funds track a market index. Actively managed funds can outperform index funds, especially in volatile markets.

Disadvantages of Index Funds
Index funds have lower fees but don't beat the market. They follow the index and lack flexibility. Actively managed funds can adapt to market changes, aiming for higher returns.

Benefits of Regular Funds via MFD with CFP
Investing through a Certified Financial Planner (CFP) offers personalized advice. They help select funds matching your goals and risk profile. They provide regular reviews and adjustments to your portfolio.

Systematic Investment Plan (SIP)
SIP allows regular, disciplined investing. You invest a fixed amount monthly. This averages out purchase cost and reduces risk. Start a SIP in a mutual fund aligned with your goals.

Reviewing Insurance Policies
Ensure you have adequate life and health insurance. Avoid investment-linked insurance plans like ULIPs. Pure term insurance offers higher coverage at lower premiums.

Reducing Debt
If you have any debt, prioritize paying it off. High-interest debt can erode your savings. Create a plan to clear debt systematically.

Lifestyle Adjustments
Small lifestyle changes can lead to significant savings:

Cooking at Home: Reduces dining out expenses.
Public Transport: Saves on fuel and maintenance.
Bulk Buying: Reduces grocery costs.
Additional Income Streams
Consider side jobs or freelancing to boost income. This additional income can be directed towards savings and investments.

Educating Children on Financial Literacy
Teach your children the value of money. Encourage them to save and spend wisely. This fosters financial responsibility from a young age.

Tracking Progress
Regularly review your financial plan. Track your expenses and savings. Adjust your budget as needed to stay on track.

Seeking Professional Advice
Consulting a Certified Financial Planner can provide tailored advice. They can help create a comprehensive financial plan and guide your investments.

Emotional Well-being
Financial stress is common. Remember to take care of your mental health. Balance saving with enjoying life. Celebrate small financial milestones.

Final Insights
Saving for your children's education while managing expenses is challenging but achievable. Focus on budgeting, reducing non-essential expenses, and investing wisely. Utilize mutual funds for their potential returns and power of compounding. Avoid index funds in favor of actively managed funds. Seek guidance from a Certified Financial Planner for personalized advice. Small lifestyle adjustments can lead to significant savings. Remember to take care of your emotional well-being during this journey. You're on the right path, and with consistent efforts, you can achieve your financial goals.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ramalingam Kalirajan |7290 Answers |Ask -Follow

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

Asked by Anonymous - Jul 26, 2024Hindi

Money

Hi, I am 37 yrs old, I earn 1L month, have 40k loans. No savings. Please guide me on future savings.

Ans: Assessing Your Current Situation
You earn Rs 1 lakh per month. Your loan obligations are Rs 40,000 per month. With no savings, it's crucial to build financial stability. Your age of 37 is a good time to start. The sooner you take action, the better.

Setting Financial Goals
First, outline your financial goals. These might include:

Emergency Fund: Build an emergency fund of 6 months' expenses.

Debt Repayment: Focus on clearing your Rs 40,000 loan quickly.

Retirement Planning: Start saving for your retirement to ensure financial security later.

Children's Education: If you have children, consider their future education expenses.

Lifestyle Goals: Think about major purchases, vacations, or other lifestyle goals.

Budgeting and Cash Flow Management
Your monthly income is Rs 1 lakh. After loan payments, you have Rs 60,000 left. Here's how to manage this:

Fixed Expenses: List your monthly essentials—rent, utilities, groceries, etc.

Savings Allocation: Save 20-30% of your income. This means Rs 20,000-30,000 should go towards savings and investments.

Discretionary Spending: Allocate the rest for lifestyle expenses like dining out, entertainment, and shopping. Keep this under control to avoid overspending.

Building an Emergency Fund
An emergency fund is crucial. Aim to save Rs 3-6 lakhs as a buffer for unexpected expenses. Start by setting aside a small amount monthly.

Automate Savings: Set up an automatic transfer of Rs 10,000-15,000 per month into a liquid savings account.

Stay Disciplined: Don't dip into this fund for non-emergencies.

Debt Repayment Strategy
You have a Rs 40,000 loan. Paying this off should be a priority. Consider these steps:

Snowball or Avalanche Method: Use the debt snowball method (paying the smallest debt first) or avalanche method (paying the highest interest debt first). Choose what works best for you.

Prepayment Options: Check if your loan allows for prepayment. Use any bonuses or extra income to reduce your debt burden.

Retirement Planning
It's important to start saving for retirement now. The power of compounding works best over time. Consider these steps:

Calculate Retirement Needs: Estimate how much you will need to retire comfortably. This should include living expenses, healthcare, and any other goals.

Invest in Retirement Funds: Focus on diversified investment options. Regularly contribute to your retirement fund.

Review and Adjust: Periodically review your retirement plan and adjust based on changes in income, expenses, or goals.

Children's Education
If you have children, planning for their education is crucial. Education costs are rising. Start early to ease the burden:

Education Fund: Start a dedicated education fund. This will ensure that your child's future is secure.

Systematic Investments: Use systematic investments to build the education corpus over time.

Review Progress: Regularly review the progress of your education fund. Make adjustments as needed to stay on track.

Investment Strategy
With Rs 20,000-30,000 to invest monthly, here's a suggested approach:

Diversified Portfolio: Invest in a mix of equity, debt, and hybrid instruments. This will balance risk and return.

Active Management: Actively managed funds may offer better returns than passive options like index funds. This is especially true in a volatile market.

Regular Monitoring: Keep an eye on your investments. Adjust your portfolio based on performance and changing market conditions.

Seek Professional Guidance: Engage a Certified Financial Planner for personalized advice. This will ensure your investment strategy aligns with your goals.

Insurance and Protection
Insurance is essential to protect your family and assets. Consider the following:

Life Insurance: Ensure you have adequate life insurance coverage. This will provide for your family in case of an untimely event.

Health Insurance: Health expenses can be significant. Invest in a comprehensive health insurance policy.

Term Insurance: Term insurance is a cost-effective way to secure your family's financial future.

Tax Planning
Efficient tax planning can save you money. Consider the following:

Utilize Deductions: Make use of all available tax deductions, including those for investments, health insurance premiums, and home loan interest.

Tax-Advantaged Investments: Invest in tax-saving instruments that align with your financial goals. This will reduce your tax liability.

Plan Ahead: Tax planning should be done at the beginning of the financial year. This will help you avoid last-minute rushes.

Final Insights
Your financial journey begins now. With careful planning and disciplined execution, you can achieve your goals. Start with small, consistent steps. Over time, these will compound into significant financial security. Always review and adjust your plan as needed.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Latest Questions

Dr Nagarajan Jsk |183 Answers |Ask -Follow

NEET, Medical, Pharmacy Careers - Answered on Dec 21, 2024

Asked by Anonymous - Nov 19, 2024Hindi

Career

Hello sir I am mbbs graduated from russia in 2020,n passed with my fmge exam in india in 2021, I want to ask if i want to practice medicine or work as doctor in uk ? Is it necessary for me to pass plab exam exam? Or if i get sponsorship from any uk i will be able to work there and simultaneously i will give plab exam?? Please guide me i m so confused?

Ans: Hi, I understand that you pursued a medicine course in Russia (a non-European country) and, since you are from India, you have completed the FMGE. Now you want to practice or work in the UK as a doctor?

Based on your question, you are eligible to practice in India after completing your internship (which you haven't mentioned, but I assume you have completed it). The FMGE is essentially a licensure exam for Indian students who have completed their medical studies abroad, so you are eligible to practice in India only.

If you want to practice medicine in the UK, you need to complete the PLAB test, as you are from outside the UK/Switzerland/European countries (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland).

You also inquired about sponsorship. Here is the information related to sponsorship for practicing medicine in the UK.
(Extracted from general medical council, uk org. )Applying for registration using sponsorship
If you apply through sponsorship, you will have to satisfy the sponsor that you possess the knowledge, skills and experience required for practising as a fully registered medical practitioner in the UK. Each sponsor has their own scheme which we have pre-approved. If you can satisfy the requirements of their scheme, they will issue you with a Sponsorship Registration Certificate (SRC) which you will need for your application with us. Please ensure this is a Sponsorship Registration Certificate for GMC registration, as we can’t accept UK visa sponsorship certificates for your application for registration.
Please note that a core part of all sponsors' criteria is that a doctor applying for an offer of sponsorship must have been engaged in medical practice for three out of the last five years including the most recent 12 months. If you cannot meet these minimum criteria, it is unlikely that you'll be able to supply sufficient evidence to support your application for sponsorship.
Doctors applying through sponsorship are required to demonstrate their English language skills by achieving our current minimum scores in the academic version of the IELTS test or the OET (medicine version).
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• University Hospitals Birmingham NHS Foundation Trust - UHB LED Fellowship Programme
• University Hospitals Bristol and Weston NHS Foundation Trust – Bristol Children's Hospital International Fellowship Scheme
• University Hospitals Bristol and Weston NHS Foundation Trust - Department of General Internal Medicine at Weston General Hospital
• University Hospitals Coventry and Warwickshire NHS Trust
• University Hospitals of Leicester NHS Trust - Postgraduate Clinical Fellowship Programme
• University of Buckingham – Master of Medicine
• University of Buckingham – Master of Surgery
• University of Chester and Cheshire and Wirral Partnership NHS Trust – International Training Fellows Psychiatry
• University of Hertfordshire – Professional Doctorate in General Internal Medicine (Clinical MD) Programme
KINDLY NOTE: If your sponsor is not on this list then you cannot apply using sponsorship.
If you have any further questions, please visit the GMC website for more information.

WISH YOU ALL THE VERY BEST.

Dr Nagarajan Jsk |183 Answers |Ask -Follow

NEET, Medical, Pharmacy Careers - Answered on Dec 21, 2024

Asked by Anonymous - Aug 02, 2024Hindi

Career

I’m mbbs final year student from Kathmandu university want pg medicine from UAE

Ans: You have provided very limited information. I understand that you are a student from Kathmandu University and wish to pursue higher education in medicine in the UAE. To provide a more accurate response, I need the following details:

What is your nationality? (Based on your nationality, I can check the relevant requirements from the health department regarding courses and internships).

Dr Nagarajan Jsk |183 Answers |Ask -Follow

NEET, Medical, Pharmacy Careers - Answered on Dec 21, 2024

Asked by Anonymous - Dec 20, 2024Hindi

Career

Sir my son has 92 percentile in cat 2024..what are his scopes of admission.

Ans: Hi Sir,
You have provided very limited information to obtain the details. However, the percentile of the candidate will not solely determine the admission process. Other factors are also involved, including:

- Course
- Institution
- Caste
- Creamy layer
- Gender

But, there may be possibilities for admission to the following IIMs: IIM Visakhapatnam, Udaipur, Bodhgaya, Shillong, and Rohtak.

Ramalingam Kalirajan |7290 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Dec 21, 2024

Asked by Anonymous - Dec 21, 2024Hindi

Money

Hi Sir, I follow your articles regularly and your detailed assessment is really awesome.I am 47yrs Male with wife, 20&18 years kids, elder one is in B.Tech and younger one is 12th. My wife is a home maker. Coming to financials. I have 4 houses including the one residing worth 10cr(total) and getting rental income of 70k per month, invested in stocks and MFs worth 60L, have foreign stocks of worth 1.7cr, accumulated pf around 1.3cr. I have farm lands worth 5cr. Have 1.2cr loan and salary of ~4L (net). current sips in equity 70k/month, have 5Cr term plan, health insurance for family 50L. How do I plan my retirement at 52-53years assuming 80 years life expectancy. Don't want to depend on kids and need regular income ~3-4L per month.

Ans: Asset Evaluation
Real Estate:
You own four houses worth Rs 10 crore, generating Rs 70,000 monthly rental income. This is a solid base for passive income. However, real estate can have fluctuating maintenance costs, tenant issues, and varying rental yields over time.

Stocks and Mutual Funds:
Your Rs 60 lakh investment in stocks and mutual funds is a commendable step. Active mutual funds offer professional fund management and can outperform index funds over time.

Foreign Stocks:
Your Rs 1.7 crore portfolio in foreign stocks adds geographical diversification. Monitor currency exchange fluctuations and global market trends.

Provident Fund (PF):
With Rs 1.3 crore in PF, this is a reliable retirement corpus. The fund provides fixed returns and tax benefits, adding stability.

Farm Lands:
Farm lands worth Rs 5 crore are an illiquid but valuable asset. They might not generate consistent income unless leased or developed.

Loans:
A loan liability of Rs 1.2 crore needs prioritised repayment. Focus on loans with higher interest rates first.

Insurance Coverage:
A Rs 5 crore term plan is robust. Your Rs 50 lakh health insurance is sufficient for unexpected medical emergencies.

Retirement Goals
You need Rs 3–4 lakh monthly for 27–28 years post-retirement.
The portfolio must generate steady, inflation-adjusted returns.
Action Plan for Retirement
Debt Management
Prepay High-Interest Loans:
Use a portion of your surplus income to prepay loans. This reduces interest outflow and increases your cash flow.

Avoid New Loans:
Focus on reducing existing liabilities instead of taking on new ones.

Portfolio Restructuring
Real Estate:
Retain essential properties. Sell underperforming or non-essential properties to reduce concentration in real estate. Invest proceeds in mutual funds or debt instruments for diversification.

Mutual Funds (MFs):
Increase SIPs in actively managed funds. They outperform direct funds due to guidance from Certified Financial Planners and MFDs. Regular funds offer better tracking and professional assistance.

Stocks:
Monitor direct equity investments closely. Consider reallocating underperforming stocks to mutual funds for better management.

Debt Instruments:
Invest in high-quality debt funds or fixed-income securities for stability. These instruments balance equity volatility and ensure steady returns.

SIP Strategy
Increase SIPs from Rs 70,000 to Rs 1 lakh/month.
Allocate 70% to equity funds for long-term growth.
Invest 30% in debt funds for stability and liquidity.
Emergency Fund
Maintain a 12-month expense reserve in liquid funds or fixed deposits.
This covers unexpected expenses without disturbing investments.
Income During Retirement
Systematic Withdrawal Plan (SWP)
Use SWPs in mutual funds to generate regular income.
Withdraw 6–8% annually from your mutual fund portfolio for a steady income stream.
Rental Income Optimisation
Review property rents regularly.
Invest part of rental income in equity or debt mutual funds for compounding.
Dividend Stocks
Retain high-dividend-yield stocks for regular income.
Reinvest surplus dividends for long-term growth.
Tax Efficiency
Equity Funds Taxation:
Long-term gains above Rs 1.25 lakh are taxed at 12.5%. Short-term gains are taxed at 20%.

Debt Funds Taxation:
Both short- and long-term gains are taxed per your income slab.

Real Estate Capital Gains:
Use exemptions under Sections 54 or 54F to save tax on property sales.

Inflation Protection
Allocate 60–70% of your portfolio to equity investments.

Equity provides inflation-adjusted returns over time.

Debt funds and fixed instruments safeguard against equity market volatility.

Estate Planning
Draft a will to allocate assets transparently among family members.
Use nomination and joint ownership to avoid legal complications.
Consider a family trust for farm lands to avoid disputes.
Periodic Review
Review your financial plan every six months.
Adjust investments based on market conditions, goals, and needs.
Consult a Certified Financial Planner regularly for updates.
Finally
A well-diversified portfolio ensures financial independence post-retirement. Focus on debt repayment, portfolio balance, and tax-efficient withdrawals. Your assets can comfortably generate Rs 3–4 lakh monthly income, adjusted for inflation.

Best Regards,
K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

Kanchan Rai |444 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Dec 21, 2024

Question by Kevin - Dec 19, 2024Hindi

Relationship

I am the eldest sibling in our families and aged 51. Normally, whenever anyone in the family has a problem - financial, mental, psychological, issue with people or anything else, they come up to discuss with me and share. Well, many would say I am lucky as people look up to me when they are in any kind of a problem. But that is not the case. Sadly no one is around with whom I can discuss or even think to share my issues, my problems. I do not have any friends. Sadly, yes, that is a fact and at my age, I dont expect that here we have a culture where we can get to making friends, at least the kind of friends with whom you can confide, share your feelings, problems. I tried and failed. Maybe because I am introvert or maybe I am too cautious. To make it more complicated, I dont work in the regular kind of job. I am a lone person who works as a freelance from home. This limits my outreach when it comes to interacting with real people. I have clients, business contacts, but I cannot get personal with them. It will never be a good choice. My wife is busy with her job + we do not have any relation beyond the daily matters related to household and it has been more than 10 years now that we live this way. Tried to sort out things with her but she just does not have time and interest (after all who wants to add on to tensions, stress). My daughter is after all my daughter - I cannot share these with her, and definitely at 10 she is too young to be one to discuss such stuff. I am not sure how far this issue can be fixed but I am hopeful to find some path here.

Ans: Dear Kevin,
Starting small can be helpful. Consider connecting with people through shared interests or hobbies, either online or in person, where the pressure to immediately open up is minimal. Online communities, local meetups, or volunteer activities can create low-stakes opportunities to connect with like-minded individuals. The goal isn’t to instantly find someone to confide in but to slowly build a sense of belonging and companionship.

Your relationship with your wife appears to be another significant source of emotional distance. While her lack of interest in deep conversations may seem like a barrier, it’s worth exploring other ways to reconnect—perhaps by spending time together in shared activities or revisiting moments that once brought you closer. Sometimes, relationships stuck in routines benefit from new experiences or even professional counseling to navigate the underlying dynamics.

Regarding your daughter, while it’s clear she cannot shoulder your emotional burdens, she can still be a source of joy and connection. Investing time in activities with her can provide a sense of fulfillment and grounding that counters loneliness.

Above all, remember that reaching out for professional support, such as therapy, is not a sign of weakness but an act of self-care. A therapist can provide a safe space to express your feelings and help you develop strategies to foster deeper connections and manage emotional isolation.

You deserve to feel supported and connected, and even if the journey to finding that seems long, every step you take toward opening up or seeking out others is a move toward a more fulfilling and less lonely existence.

T S Khurana |260 Answers |Ask -Follow

Tax Expert - Answered on Dec 21, 2024

Asked by Anonymous - Nov 22, 2024Hindi

Money

My Question is for New Tax Regime for Financial Year 2024 – 25. Total gross Income is Rs.9 lakhs and along with that income from share / stock trading i.e short term gains of Rs. 1 lakh. Could you please help me advise if what would be the tax liability?

Ans: 01. Considering your Income of Rs.9.00 lakhs as business income & Rs.1.00 lakh as STCG on securities, without any tax savings, your tax liability would be around Rs.62,400.00 in New tax regime. If we opt for the old tax regime, your tax liability would be much more than this.
Most welcome for any further clarifications. Thanks.

T S Khurana |260 Answers |Ask -Follow

Tax Expert - Answered on Dec 21, 2024

Question by SA - Nov 11, 2024Hindi

Money

I got a residential property through will from my mother,,property is 30 years old and i am planning to sell it, in that case i am going to get Rs 165lacks,, what will be the tax implication and how to avoid the same kindly advise i am 55 years old married man with a daughter

Ans: 01. In this case, you would be subjected to LTCG (Long Term Capital Gain) tax.
02. To work out LTCG, you should reduce its Cost from the Sale proceeds (Rs.165.00 lakhs).
of property, which was costed to your mother.
03. However, following details may help you to assess your tax liability.
Under present provisions of Income Tax Act, you may opt any of the options (Long Term
Capital Gains), as under :
(a). Tax Rate 12.50% without indexation or
(b). Tax Rate of 20% with Indexation.
04. You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
05. To avoid tax, you may invest in purchase of some house property. Exemption available would be minimum of Cost of new house property or the LTCG, which ever is less.
06. You have the option to purchase Capital Gain Bonds of NHAI etc., for tax saving.
07. Most welcome for any further clarifications. Thanks.

T S Khurana |260 Answers |Ask -Follow

Tax Expert - Answered on Dec 21, 2024

Asked by Anonymous - Dec 19, 2024Hindi

Money

Hello Sir, I worked in a Pvt Ltd company from 2006 to 2011, and they had their own PF trust. The company was later sold off to another firm. I still haven't withdrawn the my PF amount. How will i be able to do that. I have the PF number and ESP number. Since this was before 2011 , my UAN is not linked to this account. How will i be able to retrieve my PF amount that is still stuck here.

Ans: Kindly keep in touch with your previous employer (present owner of the company), in this connection. There should not be any problem in getting your PF amount, except certain formalities/ forms to be submitted.
Most welcome for any further clarifications. Thanks.

T S Khurana |260 Answers |Ask -Follow

Tax Expert - Answered on Dec 21, 2024

Asked by Anonymous - Dec 21, 2024Hindi

Money

Dear Guru. I have inherited a property in Mumbai from my deceased father which was purchased in 1983 by him. If today i sell the property which is worth 2.60 Crs whats my capital gains tax and how will it be calculated

Ans: 01. In absence of exact figures, it is not possible to calculate your Capital Gains Tax. However, following details may help you to assess your tax liability.
02. Under present provisions of Income Tax Act, you may opt any of the options (Long Term
Capital Gains), as under :
(a). Tax Rate 12.50% without indexation or
(b). Tax Rate of 20% with Indexation.
03. You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
04. Most welcome for any further clarifications. Thanks.

Ramalingam Kalirajan |7290 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Dec 21, 2024

Question by Anil - Dec 20, 2024Hindi

Money

Top4 sips with 15k amount suggest me

Ans: Here’s an updated strategy for your Rs. 15,000 SIP allocation, replacing the sectoral/thematic fund with a small-cap fund for better long-term growth potential.

Suggested SIP Allocation (Rs. 15,000)
Large-Cap Fund

Allocation: Rs. 4,000/month
Objective: Stability and steady growth by investing in India’s top 100 companies.
Why Choose: Provides consistent returns and low volatility in your portfolio.
Flexi-Cap Fund

Allocation: Rs. 4,000/month
Objective: Diversified exposure across large, mid, and small-cap stocks.
Why Choose: Offers balanced risk and returns with flexibility during market cycles.
Mid-Cap Fund

Allocation: Rs. 3,500/month
Objective: Tap into the growth potential of medium-sized companies.
Why Choose: Higher returns with manageable risk compared to small caps.
Small-Cap Fund

Allocation: Rs. 3,500/month
Objective: Focus on fast-growing small-cap companies.
Why Choose: High-growth potential over the long term, though with higher volatility.
Why Include Small-Cap Funds?
Long-Term Growth: Small-cap companies have immense potential to grow significantly over time.
Diversification: Adds exposure to an underrepresented segment, complementing large and mid-caps.
High Returns: Potential for higher returns compared to other categories, albeit with higher risk.
Key Considerations
Investment Horizon: Stay invested for at least 7-10 years to mitigate short-term volatility.
Active Fund Management: Avoid direct or index funds to leverage professional expertise.
Regular Monitoring: Review fund performance periodically with a Certified Financial Planner.
Tax Implications
Equity Funds:
LTCG above Rs. 1.25 lakh/year taxed at 12.5%.
STCG (held less than 1 year) taxed at 20%.
Final Insights
This updated allocation ensures a mix of stability, moderate risk, and high growth. With consistent SIPs and periodic reviews, you can achieve robust wealth creation over the long term. A Certified Financial Planner can assist in optimising your investment strategy.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

See more questions »

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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