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Anu

Anu Krishna  |1287 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on May 30, 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
Alka Question by Alka on May 27, 2024Hindi
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Relationship

Hi, i m 45 yrs old female, not married, but have responsibility of 4 children, 2 sons of brother and daughter and son of sister. My sister succumbed to cancer 3 yrs before, her husband, mentally unfit not capable of earning, so my sister children age 17 Yr girl, and 11 yr son stays with me, Brother not supporting any way, his wife left him 6 months ago, All four children are between 10 to 17 yrs, I and my mother look after them, My only source of income is coaching classes, Plz tell how to handle such situation and have extra source of income for children education. Do you have any solution...

Ans: Dear Alka,
Kindly call your brother...let him do what needs to be done for his children...you can oversee and support him but the main parenting has to be his responsibility. Even his wife has to be party to all of this...who ever asked you to jump into this?
The more you are willing to take on, the more people will love to pile on you. I understand this in your sister's case as there is no one to care for the children...your brother and his family are simply taking advantage of your kindness.

Talk to him and tell him this cannot go on...if you really want to care for your brother's children, support them with a lot of love and affection BUT the main responsibility of taking care of their every need lies with your brother and his wife...This will enable you to have some disposable income which will start securing your life as well.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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Anu

Anu Krishna  |1287 Answers  |Ask -

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

Asked by Anonymous - Mar 13, 2024Hindi
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Relationship
Hi I want to remain Anonymous. I am 48 year married with 2 kids. 2 year ago my wife lost both her parent. As his elder brother has last his wife 2 year prior. i asked him and is 18 year daughter to stay within. I thought that as their is no , i must help in their time to need. The problem is that my brother in law (my wife elder brother) dones have decent job. Due to this i am facing a lot of financial problem, i have 2 kid and need to save money for their future education. However with 2 more memeber in the family suddenly added, it has drastically hampered by financial plan. I have discussed this issue with my wife but she is not ready to understand. During covid-19 thing went from bad to worst. please suggest what shoul di do i this case.
Ans: Dear Anonymous,
Well your kindness has been overused. Simply state this to your brother-in-law and your wife that you are not willing to do this anymore.
Drawing boundaries right at the beginning can build very healthy relationships wherein each of you realize that kindness cannot become a weak spot for the person showing that trait. Also, your brother-in-law has the perfect and comfortable financial cushion in you and will never try and look for a job that will pay him better.
Your wife might protest when you state your point of view BUT if she understands the financials, I am sure she herself will find a solution to this situation. Let her understand that her brother now needs to grow up and take on his own responsibilities.

All the best!

..Read more

Kanchan

Kanchan Rai  |398 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Sep 24, 2024

Asked by Anonymous - Sep 18, 2024Hindi
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Relationship
I am a 52-year-old man. 6 months back I lost my wife accidentally. I have one son and one daughter. My daughter is in 10th and my son is in 3rd year of engineering. In the absence of my wife, my entire house has been collapsed. Most of our relatives make decisions on my behalf. My kids don't listen to me, especially my son. For them, i am just supposed to take care of their needs and continue till the children get settled. Thereafter i should think about my life. It was a quite selfish decision by my children. My wife was a housewife. I am working very hard to give them a better life. But all my efforts are in vain. At present my mom is with me. She is old and trying to help us out but still, my kids don't like her. I have tried hard to ensure that they do not feel the absence of my wife. Everything has been cared for, but at the end of the day, I am alone. I don't know what will be the future. I want to go for a second marriage but my kids have threatened me that they will leave the house immediately even if I give it a thought. My journey has been quite stressful. I have loans which have to be paid by me. I need a partner with whom I can share my feelings, one who cares for me and takes care of me and my children. But in recent situations i am totally stressed and don't know how to handle it. need advise
Ans: Your children, however, seem to be struggling with their own grief and fears about change, and that’s creating tension between their needs and your desire for a second marriage. It sounds like they are clinging to the memory of their mother, which may be why they are so resistant to the idea of you remarrying. While their emotions are understandable, it’s unfair for them to dismiss your own needs or expect you to ignore your feelings for the sake of their expectations.

To handle this situation, it's important to begin by opening up an honest and compassionate dialogue with your children. They may not realize the extent of your loneliness or how much you're shouldering on your own. In this conversation, avoid focusing on remarrying immediately but instead express how you're feeling emotionally. Let them know that just as you’re doing your best to provide for them, you also need support and companionship. This might help them understand that your desire for a partner doesn’t mean you're replacing their mother, but that you need someone to help you heal and navigate life.

Grief counseling or family therapy could be very helpful here as well. Grief affects everyone differently, and a neutral professional can help you all work through these emotions together. Your son and daughter, especially being at different stages of their lives, might benefit from understanding how each of you is processing the loss differently.

As for the practical side, with your mother's help, you're already doing everything you can to keep things together. It's understandable that you need help beyond the daily chores—emotional and relational support is vital for anyone. Your children, though they are resisting now, may come to understand this over time, especially if the focus is on helping them adjust to their own loss first before you push the idea of marriage too far.

Lastly, do not give up on the thought of a second marriage if that’s what your heart truly wants. Your children may eventually understand, but it will take time and patience. Prioritize your emotional well-being and don’t feel guilty for wanting to find love and companionship again. After all, your happiness matters too, and a loving relationship can positively impact both you and your children once they’ve had time to adjust.

In the meantime, take one step at a time: focus on communication, seek external support like therapy, and make sure you're caring for yourself emotionally, even if it's hard right now.

..Read more

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Ravi

Ravi Mittal  |403 Answers  |Ask -

Dating, Relationships Expert - Answered on Nov 08, 2024

Ramalingam

Ramalingam Kalirajan  |6995 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 08, 2024

Asked by Anonymous - Nov 08, 2024Hindi
Money
Iam under debt of Rs 10lac and my salary is 23k per month. How to come out from debt and i need to get debt free. So, please guide me.
Ans: Being in debt can be overwhelming, especially on a limited monthly income. But with disciplined planning and commitment, you can gradually achieve financial freedom. Here’s a detailed guide to help you pay off your Rs 10 lakh debt and build a stable financial foundation.

Step 1: Calculate Your Monthly Expenses and Set a Budget
Start by understanding your cash flow. Track every expense to get a clear picture of your spending.

Essential Expenses: These include rent, food, utilities, and any other basic needs.

Discretionary Expenses: Cut back on non-essentials like dining out, entertainment, and shopping.

Savings and Debt Repayment: Dedicate any amount left after essential expenses towards debt repayment.

Tip: Keep a written budget or use a mobile app to monitor your expenses. Reducing discretionary spending will help increase the amount available for debt repayment.

Step 2: Increase Income if Possible
Boosting income, even slightly, can significantly accelerate debt repayment. Here are some ideas:

Freelance or Part-Time Work: If possible, look for freelance work in areas you’re skilled in, like writing, tutoring, graphic design, or programming.

Overtime or Extra Shifts: If your employer offers overtime, consider taking it on to increase your income.

Sell Unwanted Items: Sell items you no longer need, such as electronics, clothes, or furniture, to generate additional cash.

Increasing your income, even temporarily, can help you pay off your debt faster.

Step 3: Create a Debt Repayment Plan
List all your debts, including outstanding amounts, interest rates, and due dates. Here are two strategies for paying them off:

Snowball Method: Pay off smaller debts first to gain momentum, then tackle larger ones. This provides psychological motivation by clearing debts faster.

Avalanche Method: Focus on debts with the highest interest rates first. This method saves more on interest in the long term.

Choose the strategy that suits you best and start making extra payments each month.

Step 4: Prioritize High-Interest Loans and EMI Payments
Debt with higher interest can escalate quickly, so prioritize clearing them first. Some common examples include:

Credit Card Debt: If part of your debt is on credit cards, try to pay it down as quickly as possible. Credit card interest rates are often the highest.

Personal Loans: If your Rs 10 lakh debt includes high-interest loans, prioritize these over lower-interest obligations.

Contact your creditors to explore if they can reduce your interest rate temporarily. Any reduction helps ease the debt burden.

Step 5: Consider Debt Consolidation Options
Debt consolidation combines multiple loans into a single, lower-interest loan, making it easier to manage. Options include:

Personal Loans: Look for a lower-interest personal loan to pay off existing debts. This can reduce the overall interest burden.

Balance Transfer: If a major portion of your debt is on a credit card, look for a card offering a low or zero-interest balance transfer option.

Be cautious of fees associated with consolidation options and make sure to do thorough research. Consolidation can simplify payments and potentially save you money on interest.

Step 6: Start a Small Emergency Fund
While repaying debt is crucial, having a small emergency fund (around Rs 5,000–Rs 10,000) can help you avoid additional debt. This fund is for unexpected expenses like medical emergencies or car repairs.

Building a small emergency cushion ensures you don’t rely on credit if unplanned expenses arise. Once your debt is cleared, you can gradually build a larger emergency fund.

Step 7: Avoid Taking on New Debt
Avoid credit cards, loans, or any new debt until you’ve repaid the current amount. New debt will delay your goal of becoming debt-free.

Instead of borrowing, prioritize saving for any purchases. Practicing patience with spending decisions will help prevent additional debt.

Step 8: Automate and Regularize Payments
Set up automated payments for your debt EMIs and monthly bills. Automation helps prevent missed payments, which can incur penalties and hurt your credit score.

If automated payments aren’t possible, set reminders to ensure timely payments.

Step 9: Track Progress and Stay Motivated
Track your progress each month and celebrate small wins, such as reaching specific milestones in debt reduction.

Seeing your debt balance decrease, even gradually, can keep you motivated.

Step 10: Seek Professional Guidance If Needed
If you feel overwhelmed, consider seeking guidance from a Certified Financial Planner (CFP). They can help you devise a structured plan tailored to your specific financial situation.

A CFP can also provide personalized advice on managing and reducing debt efficiently.

Finally
Your determination to achieve a debt-free life is commendable. By following these steps and staying disciplined, you’ll gradually pay off your debt and move toward financial freedom. Remember, small steps today will lead to a financially secure tomorrow.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

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

...Read more

Ramalingam

Ramalingam Kalirajan  |6995 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 08, 2024

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Money
Dear sir/Ma'am, I want to invest long term mutual fund for my daughter marriage. She is now 15 years old and i want to invest for 10 years, please advised me which mutual fund best for me. My monthly investment amount is Rs. 5000.00/- please reply soon as soon possible.
Ans: Investing for your daughter's marriage is a thoughtful goal. With 10 years to grow your investment, mutual funds offer a practical approach to help achieve this objective. A disciplined investment of Rs 5000 per month can build a substantial corpus over time. Here’s a comprehensive guide to structuring this investment for long-term success.

Choosing the Right Type of Mutual Funds
For a 10-year horizon, equity mutual funds are suitable. They have the potential for higher returns over time. Considering a diversified mix of equity categories could balance growth with stability.

Equity-Oriented Funds: With their higher growth potential, equity funds can be ideal for long-term goals like marriage. Large-cap funds or diversified equity funds with a mix of large- and mid-cap investments can provide relative stability.

Balanced or Hybrid Funds: These funds allocate a portion to both equity and debt. This approach reduces risk while still capturing growth. Hybrid funds could be a good option to add stability.

Avoid Index Funds: While index funds are popular, they lack flexibility in managing market changes. Actively managed funds, however, allow fund managers to navigate market fluctuations, potentially offering higher returns.

Benefits of Regular Funds vs. Direct Funds
When considering direct funds, you miss out on expert guidance, which is vital for long-term investments. Regular funds through a Certified Financial Planner (CFP) ensure you get continuous support, fund reviews, and performance tracking. They help rebalance your portfolio when required, maximizing your returns and managing risks effectively.

SIP (Systematic Investment Plan) for Steady Growth
Setting up a monthly SIP of Rs 5000 is a practical approach. SIPs allow you to invest consistently, regardless of market highs and lows, which averages out costs over time. This approach, known as “rupee cost averaging,” helps reduce the impact of volatility.

Tax Implications on Mutual Fund Investments
Understanding tax rules on mutual funds is important.

Equity Mutual Funds: Gains above Rs 1.25 lakh attract a 12.5% tax on Long-Term Capital Gains (LTCG). Short-Term Capital Gains (STCG) are taxed at 20%.

Debt Mutual Funds: Both STCG and LTCG are taxed based on your income tax slab.

These tax rates are subject to change, so it’s crucial to monitor tax policies periodically. You may consult a tax advisor for updates and efficient tax planning.

Key Investment Tips to Reach Your Goal
Consistency: Stay disciplined with your SIPs to leverage compounding. Missing contributions can reduce the growth potential.

Regular Monitoring: Review fund performance at least once a year. This ensures the selected funds are meeting your expectations and objectives.

Professional Guidance: Consult a CFP periodically to align your investments with your financial plan. They can advise on any required adjustments to optimize your portfolio.

Adjusting for Inflation and Goal Cost
Over time, inflation will impact the cost of your daughter’s marriage. Your CFP can help you estimate the future value and adjust your SIP amount if needed. Gradually increasing the SIP amount can help you meet the target despite inflation.

Final Insights
Your commitment to this goal is commendable. By selecting the right mix of funds, maintaining discipline with SIPs, and staying informed on tax and fund performance, you’ll be well on your way to achieving the desired corpus for your daughter’s marriage.

Invest with confidence, plan regularly, and stay on track toward building a secure financial future for your family.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

...Read more

Radheshyam

Radheshyam Zanwar  |1033 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 08, 2024

Asked by Anonymous - Nov 08, 2024Hindi
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Career
Hello! I am looking to change my career. Currently, I work as a DTP Operator and Graphic Designer in my maternal uncle's offsset printing press business. My father passed away 8 years ago, so my maternal uncle has taken on the responsibility of me, my mother, and my brother. I have been working under them for the past 5 years as a favor of them. However, there has been no financial growth or development in my current position. But maternal uncle asks me to continue to work with them as their childrens are out of their Offset Printing profession. So they expect me to handle the business in future. But this will not happen. Also I'm not sure of the future scope of Offset Printing Press profession due to digitization. Though my mind is telling me to change profession, as of my financial condtion is weak I would have to start again from zero. I am feeling unsure about what to do?
Ans: Hello.
Presently you are working as a DTP operator and Graphic Designer with your uncle. It seems that due to financial problems, your uncle might be taking undue advantage of your situation and taking it granted that you must work for him and his printing press as a bull for 24x7. You said, your uncle's children are not interested in running the printing press. Hence he is expecting to handle the business in the future. I think this is a golden time to negotiate with your uncle from a business point of view and put some terms and conditions in front of him. You must overtake the printing press fully in your control and share some part of the profit with him. Remember, you are young, have solid experience of 5 years and the most important thing is that, your uncle is not dependent on you only. This makes the situation in your favor. If your uncle is not ready to hand over the printing press business to you, then you have an option to search for another job and tell your uncle also in this regard. I can fairly say, your uncle will not think to lose you under any condition. In life, nothing is impossible, With the hands-on experience of 5 years, you may job in an advertising company and a reputed publishing house. Related to your insecurity feeling, even though you are working with your uncle, you are feeling insecure. Hence either force your uncle to accept your terms and conditions or leave him without any hesitation. Try with new people, new organizations, and new opportunities. A little change will make a big change in your life.
Best of luck for your bright future.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

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