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Anu Krishna  |1046 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Mar 05, 2024

Anu Krishna is a mind coach and relationship expert.
The co-founder of Unfear Changemakers LLP, she has received her neuro linguistic programming training from National Federation of NeuroLinguistic Programming, USA, and her energy work specialisation from the Institute for Inner Studies, Manila.
She is an executive member of the Indian Association of Adolescent Health.... more
Asked by Anonymous - Mar 01, 2024Hindi

Hello Anu Ji, I have cheated by one of my friend for almost 2 lakh rupees Plus i have my own personal loan of nearly 4 Lakhs in addition i have debt of nearly 3 lakh rupees of credit cards every thing was going well until jan 2024, suddenly i lost my job 2 months back. Now due to heavy loan bank people keeps calling me for repayment. I am under lot of pressure and think of ending my life some times. what should i do in this situation

Ans: Dear Anonymous,
It's time to buckle up NOW!
Stop all wasteful expenditure first...
Clear pending bills by selling immovable properties/other investments if any.
Also, if it is possible to invite a trusted friend/relative who can help you plan on how to get you out of this, that will be a good thing to do...
Ending your life is only giving up...hold on, seek help and people are willing to step in. Be graceful to whoever is willing to help you to plan on easing this mess and promise to make it up to them when things get better for you...AND keep this promise...
The future can be bright BUT only if you take the right steps now to ensure that...
Push on and keep at it...it's a phase that you are going through; it will ease!

All the best!
Asked on - Mar 05, 2024 | Answered on Mar 08, 2024
Thanks for the Answer. Started doing exactly the same as you said. And i am not going to end my life anyway.....because many difficult situations before and i came through by Gods Grace. ....and i am Gods favourate child... God Testing me
Ans: Dear Anonymous,
I am happy to know that you trust yourself more than ever before.
Things sort themselves out only if we strongly believe that everything is a phase; keep the mind steady through these phases that are challenging and you will have a clear mind to solve any issue that might come your way.

All the best!

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Ramalingam Kalirajan  |5092 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 02, 2024

Sir my monthly salary is 28000 and I took a personal loan of 5lacs last year and I have credit card also but with my daily expenses I couldn't pay the total emis and bills so I took some credit from cred application it's almost 3lacs and now I'm unable to pay any of them as my salary is very low to pay so many emis I can't stop thinking about all this I'm facing anxiety and depression due to debts. I want to come out of this debt and get clean from all this problem. I want to save money and live a normal life. I couldn't share it with anyone also. My father us retired and he couldn't help me.
Ans: I'm truly sorry to hear about the challenges you're facing with your debts, and I understand how overwhelming and stressful it can be. Please know that you're not alone, and there are steps you can take to work towards financial stability and peace of mind.

Assess Your Debts: Start by listing out all your debts, including personal loans, credit card dues, and any other outstanding amounts. Understanding the total amount owed and the interest rates associated with each debt is the first step towards managing them effectively.
Create a Budget: Evaluate your monthly income and expenses to create a realistic budget. Prioritize essential expenses such as food, rent, and utilities, and allocate any remaining funds towards debt repayment.
Communicate with Creditors: Reach out to your creditors to discuss your financial situation and explore options for repayment. They may be willing to negotiate a payment plan or offer assistance programs to help you manage your debts.
Explore Debt Consolidation: Consider consolidating your debts into a single loan with a lower interest rate, if possible. This can simplify your repayment process and potentially reduce the overall amount you owe.
Seek Professional Help: If you're feeling overwhelmed or unsure about how to proceed, consider seeking assistance from a financial counselor or debt management agency. They can provide guidance, support, and practical strategies for managing your debts and improving your financial situation.
Take Care of Your Mental Health: Remember to prioritize your mental health during this challenging time. Practice self-care techniques such as exercise, meditation, or talking to a trusted friend or therapist to help alleviate anxiety and depression associated with financial stress.
Lastly, please know that it's okay to ask for help, and reaching out for support is a positive step towards regaining control of your finances and your life. You have the strength and resilience to overcome these challenges, and with determination and perseverance, you can work towards a brighter financial future.

..Read more


Ramalingam Kalirajan  |5092 Answers  |Ask -

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

Asked by Anonymous - Jun 20, 2024Hindi
Sir my monthly salary is 20625 and I took a personal loan of 300000 lacs multiple loan app last 2 year and I have credit card also but with my daily expenses I couldn't pay the total emis and bills so I took some credit from cred application it's almost 1 lacs and now I'm unable to pay any of them as my salary is very low to pay so many emis I can't stop thinking about all this I'm facing anxiety and depression due to debts. I want to come out of this debt and get clean from all this problem. I want to save money and live a normal life. I couldn't share it with anyone also. My father us retired and he couldn't help me.
Ans: I truly understand how stressful financial difficulties can be. It's commendable that you're seeking help to resolve your debts and plan for a better future. Let's develop a comprehensive strategy to tackle your debts and set you on the path to financial stability.

Understanding Your Financial Situation
Firstly, it’s crucial to understand the full picture of your financial situation. Here’s what we know:

Monthly salary: Rs. 20,625
Personal loan: Rs. 3,00,000
Additional credit: Rs. 1,00,000
Total debt: Rs. 4,00,000
Monthly expenses are high, making it difficult to pay EMIs and bills.
Emotional and Mental Well-being
Debt and financial stress can lead to anxiety and depression. It's important to take care of your mental health. Try to talk to a trusted friend or family member about your situation. Sometimes, sharing your burden can make it feel lighter. Professional counseling can also be very helpful.

Immediate Steps to Manage Debt
1. Create a Detailed Budget
List all your monthly income and expenses. This will help you see where your money is going and identify areas where you can cut costs.

2. Prioritize Essential Expenses
Ensure that your basic needs such as food, rent, and utilities are covered first. Allocate funds for these before paying off debts.

3. Negotiate with Creditors
Contact your lenders and explain your situation. They might be willing to restructure your loans or provide a more manageable repayment plan. Some may even offer a temporary reduction in payments.

4. Avoid Taking More Loans
Stop taking new loans or using credit cards. This will only add to your debt and make the situation worse.

Debt Repayment Strategies
1. Debt Consolidation
Consider consolidating all your debts into one loan with a lower interest rate. This can simplify your payments and reduce the overall interest you pay.

2. Debt Snowball Method
Focus on paying off the smallest debts first while making minimum payments on larger ones. Once a small debt is cleared, move on to the next smallest. This method gives you a psychological boost as you see debts being eliminated.

3. Debt Avalanche Method
Prioritize paying off the debt with the highest interest rate first while making minimum payments on others. This method reduces the total interest you pay over time.

Boosting Your Income
1. Part-time Jobs or Freelancing
Look for opportunities to earn extra income through part-time jobs or freelancing. Even a small additional income can help reduce your debt faster.

2. Sell Unused Items
Consider selling items you no longer need. This can provide a quick influx of cash to put towards your debts.

Long-term Financial Planning
Once your immediate debts are under control, focus on building a stable financial future.

1. Emergency Fund
Start building an emergency fund to cover 3-6 months of expenses. This will provide a cushion for unexpected financial challenges.

2. Systematic Savings Plan
Begin saving a small portion of your income regularly. Even a small amount can grow over time through disciplined saving.

3. Avoid Unnecessary Spending
Be mindful of your spending habits. Prioritize needs over wants and avoid impulse purchases.

Investment Planning
After stabilizing your financial situation, consider investing to grow your wealth. Here's a simple guide on different investment options.

1. Mutual Funds
Mutual funds pool money from many investors to purchase securities. They offer diversification and professional management.

Equity Funds: Invest in stocks, providing high returns but with higher risk.
Debt Funds: Invest in bonds, offering stable returns with lower risk.
Hybrid Funds: Combine equity and debt, balancing risk and return.
2. Power of Compounding
Investing early allows you to benefit from compounding, where your earnings generate more earnings. This can significantly grow your wealth over time.

Disadvantages of Index Funds
Index funds aim to replicate the performance of a market index. Here are some drawbacks:

Lack of Flexibility: Cannot adapt to market changes.
Market Risk: Entirely exposed to market fluctuations.
Lower Returns: Often underperform actively managed funds.
Benefits of Actively Managed Funds
Actively managed funds are managed by professionals who make investment decisions to outperform the market.

Flexibility: Managers can adapt to market changes.
Potential for Higher Returns: Aim to beat the market.
Risk Management: Professional managers can mitigate risks.
Disadvantages of Direct Funds
Direct funds have no intermediary, potentially saving costs but have drawbacks:

Lack of Guidance: No professional advice.
Time-Consuming: Requires active management and monitoring.
Higher Risk: Without expert guidance, risk of poor decisions increases.
Benefits of Regular Funds Through CFP
Investing through a Certified Financial Planner (CFP) offers numerous advantages:

Professional Advice: Expert guidance on fund selection and portfolio management.
Regular Monitoring: Continuous review and adjustments to optimize returns.
Tailored Portfolio: Customized investment strategy to meet your specific goals.
Tax Planning
Effective tax planning can enhance your savings and investment returns.

1. Utilize Tax Deductions
Maximize deductions under sections like 80C through investments in PPF, ELSS, and other eligible instruments.

2. Health Insurance
Premiums paid for health insurance can be deducted under Section 80D, reducing your taxable income.

Estate Planning
Ensure your assets are distributed according to your wishes through proper estate planning.

1. Draft a Will
Clearly state how your assets should be distributed. This prevents legal complications and ensures your wishes are honored.

2. Appoint Nominees
Appoint nominees for your bank accounts, insurance policies, and investments. This simplifies the transfer of assets in case of your absence.

Final Insights
Financial challenges can be overwhelming, but with a structured approach, you can overcome them. Prioritize your debts, create a budget, and look for ways to boost your income. Once your debts are under control, focus on building a stable financial future through disciplined saving and investing.

Consult a Certified Financial Planner (CFP) for personalized advice and guidance. Stay disciplined, and remember, small steps can lead to significant progress.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,


..Read more


Ramalingam Kalirajan  |5092 Answers  |Ask -

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

Asked by Anonymous - Jul 12, 2024Hindi
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
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.

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

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

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.

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.

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,


..Read more

Latest Questions
Dr Nagarajan J S K

Dr Nagarajan J S K   |47 Answers  |Ask -

Health Science and Pharmaceutical Careers Expert - Answered on Jul 20, 2024

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Dr Nagarajan J S K   |47 Answers  |Ask -

Health Science and Pharmaceutical Careers Expert - Answered on Jul 20, 2024

Asked by Anonymous - Jul 18, 2024Hindi
What is better to choose between vet or bpharm (I am a gen category student).According to my research I came to know that in today's market the bpharm graduates are not even considered as reputated pharmacists,after the degree too they get placements of 12k-15k per month only and growth even after a master's is not much. Whereas in vet gov vacancies are open but will everyone get the gov jobs ? Also in coming years what are the demands of these both fields and what is better to choose
Ans: Hi,
It seems there may be some misunderstanding and disappointment regarding the analysis of job opportunities in the pharmaceutical field. It's important to note that the pharmaceutical sector still holds promising prospects. However, it is essential for candidates to acquire in-depth knowledge. Completing a B.Pharm alone does not guarantee comprehensive expertise. It's essential to delve beyond the basic surface-level knowledge obtained during undergraduate studies. I'm unaware of your state of residence and the college where you pursued your B.Pharm.

Key locations with a strong pharmaceutical industry presence include Mumbai, Bengaluru, Hyderabad, and Ahmedabad. Chennai also has a few reputable pharmaceutical companies, albeit in limited numbers. It's crucial to consider your career choice rather than just a job. What is your preference: IT, Marketing/Sales, or Core Pharma? In IT, the remuneration is considerably higher in comparison to core pharmaceutical roles, but sustainability may be a concern. On the other hand, Sales/Marketing requires hard work but offers significantly better remuneration, e.g., INR 6-8L per annum. If the pharmaceutical industry is your preference, starting packages for fresh B. Pharm graduates typically range between INR 15,000 to 25,000.

Ultimately, the decision is yours to make. I wish you the best for your future endeavors.

...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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