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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Apr 02, 2024

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
Asked by Anonymous - Mar 24, 2024Hindi
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I have taken early retirement due to my health issues. I have 2 kids one in 12th and second 9 th Class . I keep aside 50 L for my kids education , 25 L PPF , 14 L mutual fund, 10 L bond , 5 L FD . My PPF will mature 2026 and Bonds will mature 2024. I have 70 L EPF and i will have approx 50 L selling of property . I have my own house of 1.5 Cr . With these money can i get 1 L per month , but i do not want to touch kids education money . Your suggestion will help me to see my finaances. My wife has decent job she eran 50 K per month and we have health insyrance and term insurance.

Ans: Based on an analysis of your finances, it appears that you have sufficient assets to cover your monthly requirement of Rs 1 lakh.

However, your allocation in equity-oriented investments is minimal. We recommend allocating funds equivalent to three years of expenses into debt-oriented schemes, while the remainder should be invested in equity and/or hybrid combination for potential capital appreciation.

We advise consulting a financial advisor for personalized guidance tailored to your goals, risk tolerance, and time horizon. He/She can assist in setting up tax-efficient systematic withdrawal plans (SWPs) to meet monthly needs while allowing your investments to grow.
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  |7948 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 12, 2024

Asked by Anonymous - Feb 20, 2024Hindi
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Hello Sir, I am 46 Y Old , and I lost my Job . I have 2 kids . One require money from 2024-2028 ( 6L per annum) other kid require money from 2028-2032. I saved and keep aside 60 L for their education . I have today 71 L of EPF . My wife earn 50 K per month which is sufficent for us to run the home and some money put in health insurance and term insurance. I will reinvest any interest earn from these two invest ments ( 60 L and 71 L). 60 L Break Up is 14.5 L Mumtual fund , 25L PPF maturing in 2026, 10 L Government Bond maturing in 2024 3.4 L NSC maturing in 2032, 2.3L gold bond, 2 L Shares, 4 L FD. Please let me know can I have retirement life with 70 K from interests earning if i do not get job.
Ans: It's understandable that you're concerned about your financial security after losing your job, especially with two children's education expenses to consider. Let's assess your current financial situation and retirement prospects:

Education Fund:

With 60 lakhs set aside for your children's education, you have a significant portion of their expenses covered. Ensure that these funds are invested appropriately to generate returns that align with the time horizon of their education needs.
EPF and Other Investments:

Your EPF corpus of 71 lakhs, along with your other investments in mutual funds, PPF, government bonds, NSC, gold bonds, shares, and FDs, forms a substantial part of your financial assets.
Review the performance and asset allocation of these investments to ensure they are diversified and positioned to provide growth and stability over the long term.
Retirement Planning:

With a monthly interest income target of 70,000 rupees, you'll need to calculate the rate of return required on your investments to achieve this goal. Given the current interest rate environment, it may be challenging to generate such high returns without taking on significant risk.
Consider consulting with a financial advisor to assess your risk tolerance, investment options, and retirement goals. They can help you develop a personalized retirement plan that balances risk and return effectively.
Contingency Planning:

While your wife's income covers household expenses, it's essential to have a contingency plan in case of unexpected expenses or emergencies. Maintain an emergency fund equivalent to 6-12 months' worth of living expenses to provide financial stability during challenging times.
Reassessing Retirement Income:

Depending solely on interest income from your investments for retirement may not be sufficient, especially considering inflation and rising living costs. Explore additional income streams or part-time work opportunities to supplement your retirement income.
In conclusion, while your current investments provide a solid foundation, achieving your retirement income target solely through interest earnings may require a review of your investment strategy and retirement goals. Consider seeking professional financial advice to optimize your portfolio and plan for a secure retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |7948 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 24, 2024

Asked by Anonymous - Mar 24, 2024Hindi
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Hello Vivek , I have taken early retirement due to my health issues. I have 2 kids one in 12th and second 9 th Class . I keep aside 50 L for my kids education , 25 L PPF , 14 L mutual fund, 10 L bond , 5 L FD . My PPF will mature 2026 and Bonds will mature 2024. I have 70 L EPF and i will have approx 50 L selling of property . I have my own house of 1.5 Cr . With these money can i get 1 L per month , but i do not want to touch kids education money . Your suggestion will help me to see my finaances. My wife has decent job she eran 50 K per month and we have health insyrance and term insurance.
Ans: Firstly, I'm sorry to hear about your health issues but commend you for taking proactive steps towards financial planning, especially for your children's education and your future needs.

With your current savings and investments, there's a possibility to generate a monthly income of 1 Lakh, but it requires careful planning:

EPF and Property Sale: Your EPF corpus of 70 Lakh and the expected 50 Lakh from property sale can be significant contributors. Consider options like Senior Citizen Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS), or even annuity plans to generate regular income without depleting the principal.
Mutual Funds & Bonds: Continue to let your Mutual Funds grow for future needs. Bonds maturing in 2024 can also be reinvested in income-generating avenues.
PPF: Once it matures in 2026, you can either reinvest or use a portion for your monthly income needs.
House: If possible, you could explore options like reverse mortgage or renting out a portion for additional income, without selling the property.
Expense Management: Since you have set aside money specifically for your children's education, avoid using it for your monthly income. Focus on optimizing other assets to generate the required 1 Lakh/month.
Health and Insurance: It's great that you have health and term insurance. Ensure they are adequate to cover unforeseen medical expenses and provide financial security to your family.
Remember, the goal is to strike a balance between generating sufficient income and preserving capital. Consulting a Certified Financial Planner can provide a tailored plan considering your unique circumstances, helping you navigate this phase with confidence.

..Read more

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Kanchan

Kanchan Rai  |538 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Feb 12, 2025

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Dear Kanchan .. Generally it happens to me, when I have to attend any hearing before courts/ Tribunal, I become more stressed till the hearing is completed. Please suggest
Ans: It’s entirely normal to feel stressed before court or tribunal hearings. These situations can be intimidating, and the anticipation of the unknown adds to the anxiety. But it’s crucial to manage this stress to ensure you perform at your best and protect your mental well-being.

Start by preparing thoroughly for the hearing. The more you know about the case, the arguments, and the possible questions, the more confident you’ll feel. Practice your statements or answers, perhaps with a colleague or in front of a mirror. Visualization can also be powerful—imagine yourself confidently presenting your case and everything going smoothly.

On the day of the hearing, use deep breathing techniques to calm your nerves. Inhale slowly through your nose, hold for a few seconds, and exhale through your mouth. Repeat this several times to reduce anxiety. Positive affirmations can also help. Remind yourself that you are well-prepared and capable of handling the situation.

If the stress is overwhelming, consider grounding exercises, such as focusing on your five senses—what you see, hear, feel, taste, and smell at the moment. This can help anchor you in the present and prevent your mind from spiraling into worst-case scenarios.

After the hearing, practice self-care. Engage in activities that help you relax, like a walk, listening to music, or talking to someone you trust. If this anxiety persists or intensifies, seeking support from a mental health professional can help you develop more personalized coping strategies.

I

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Kanchan

Kanchan Rai  |538 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Feb 12, 2025

Asked by Anonymous - Feb 08, 2025Hindi
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My boyfriend is of a complete different religion and caste as mine. We met at work. In my past i have had only one relationship in which i got cheated on....so was skeptical on dating again. Now its been 8 months in this new relationship where he convinced me to give a try. He's a gem of a person but now he is telling melive in the present i dont know about the future. I love you n want to date you but idk about the future if my family wants me with someone i may have to end this. What do i do i am so attached for he has given me all the love n care. Please help
Ans: Right now, you need to be honest with yourself about what you want. If you’re looking for a committed future and he’s unsure, it’s essential to recognize that this uncertainty may continue to cause you pain. If you choose to stay, prepare yourself for the possibility that his family might influence his decision, and it could end in heartbreak. On the other hand, if you feel that the love and care he’s giving you right now are worth the risk, then decide to cherish the present moment while being mentally prepared for whatever may come.

Have an open and heartfelt conversation with him. Let him know how his uncertainty makes you feel, without pressuring him for a commitment. This isn’t about forcing him to decide but about understanding each other’s emotional needs and boundaries. If he truly values the relationship, this conversation might give him a deeper perspective on how his indecision affects you.

It’s important to protect your emotional well-being. If his stance remains the same and you find yourself growing more anxious and hurt by the uncertainty, then you might have to consider whether staying is good for your mental and emotional health. Sometimes letting go, even when it hurts, is the most loving thing you can do for yourself.

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Kanchan

Kanchan Rai  |538 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Feb 12, 2025

Asked by Anonymous - Feb 12, 2025Hindi
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My wife 55 is unable to cope up with death of our elder son aged 27 around 2 yrs ago and is always in deep regress remorse uninterested in any daily chores including sex. I wish to move on .. Suggest way out...
Ans: Two years might seem like a long time, but grief doesn’t follow a timeline. For some, it can take much longer to even begin the process of healing, especially when it involves the loss of a child. It’s not unusual for grief to cause a complete shutdown, and that’s likely what’s happening with your wife. She’s stuck in a cycle of regret and remorse, unable to find a way out.

While you also carry the weight of this loss, your need to move forward is natural. It’s crucial to understand that wanting to heal and live again doesn’t mean you’re forgetting or dishonoring your son. It simply means you’re choosing life amidst the pain. The challenge is to find a way to do that without feeling guilty and without leaving your wife behind.

Encouraging her to seek professional help, such as grief counseling or therapy, could be a significant step. If she’s resistant, consider starting therapy for yourself first. Sometimes when one partner begins to heal, it opens the door for the other to consider healing too. Couples grief counseling could also provide a safe space for both of you to express your pain and find a way forward together.

Patience and understanding are crucial, but so is communication. Gently express to her how much you miss her presence and how you’re struggling too. Let her know you want to find a way to live again while still honoring your son’s memory.

Moving on doesn’t mean moving away from your son’s memory—it means learning to carry it in a way that doesn’t consume you. It’s a delicate balance, and seeking support can help you both find it.

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Yogendra

Yogendra Arora  |5 Answers  |Ask -

Tax Expert - Answered on Feb 12, 2025

Asked by Anonymous - Feb 11, 2025Hindi
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Hey, I am a freelance graphic designer based in Mumbai. I’m 40 and I've recently transitioned from a full-time job to freelancing, and I’m struggling to understand how to manage taxes on my variable income. My annual earnings are 8-15LPA approx. Are there any deductions specific to freelancers? Also, how should I plan for quarterly tax payments?
Ans: hi,
for this particular financial year you will be taxed under 2 heads ,1st under salaries for the period you were in job & for remaining part you will be taxed as business income being started freelancing work.

And for freelancers there is no any specific dedutions however all deductions available to all others are available to freelancers like 80C to 80G.

For calculation of taxation of freelancing period you should record all your receipts & expenses (only related to work, no any personal expenses) details with proper documentary evidences specially for expenses part, net of the (receipts & expenses) will be your income however you can opt for presumptive taxation also.

For Advance payment :-
if tax applicable to you during the finanical year as per calculations exceeds Rs 10000, then your have to pay advance tax quarterly as below
on or before 15th june :- minimum 15% or more of tax amount.
on or before 15th september :- minimum 45% or more of tax amount.
on or before 15th December :- minimum 75% or more of tax amount.
on or before 15th March :- full 100% tax payable as per calculations.
Happy to help.
Thanks.

...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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