Seeking Advice: Moving on After Partner's Betrayal?

Ans: Your debt is high, and your income is low. Paying EMIs on time has become difficult. This situation needs an urgent plan.

You are not alone. Many people face similar financial struggles. With the right steps, you can come out of this stress.

Assess Your Debt Situation
Total loan and credit card debt: Rs 20 lakh.

Monthly income: Rs 30,000.

EMIs and credit card bills are unmanageable.

Stress is increasing due to financial burden.

The first step is to stop taking new loans or using credit cards.

Prioritise Your Debts
Credit card debt has the highest interest (30-40% per year).

Personal loans have high EMIs and penalties for delays.

Secured loans (home, car) should be managed to avoid asset loss.

Focus on clearing high-interest debts first.

Negotiate with Banks and Lenders
Contact your bank and request a loan restructuring.

Ask for a lower EMI with a longer repayment period.

Request a moratorium (temporary pause on EMI) if needed.

Convert credit card dues into an EMI loan with a lower interest rate.

Negotiate for a settlement if repayment is impossible.

Banks prefer to restructure loans rather than declare them as defaults.

Debt Consolidation Options
If you have a low-interest secured loan option (like a gold loan), consider using it to clear high-interest credit card debt.

Avoid taking another personal loan to clear old debts. It will worsen your situation.

Increase Your Income
Look for part-time or freelance work for extra income.

If possible, sell unused assets (bike, gadgets, jewelry) to reduce debt.

Discuss with family members for temporary financial help.

Cut Unnecessary Expenses
Reduce spending on non-essential items.

Stop using credit cards immediately.

Follow a strict budget and use cash or debit cards for expenses.

Seek Professional Help
A Certified Financial Planner (CFP) can help create a repayment plan.

If stress is overwhelming, consult a financial counselor or mental health professional.

Final Insights
Your situation is difficult, but a step-by-step plan will help.

Stop new loans and credit card usage immediately.

Contact banks to negotiate for lower EMIs or settlement options.

Increase income through extra work and reduce expenses.

Seek guidance from a Certified Financial Planner.

You are not alone. With the right approach, you can come out of this financial struggle.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

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

Ans: Hi Yashnasree,
Yes, obviously pursuing an MBBS degree can lead to lifelong earning opportunities.

Ans: Hello;

You may compare policies as offered by different insurers as per your requirement, online, on web aggregator platforms like policybazaar, insurancedekho, policyx, turtlemint etc.

Or else you may visit individual insurer's website to study their product features but this can be cumbersome.

Another option is to seek help from an insurance advisor.

Almost all big companies offer term plans that can meet your requirements. For eg SBI Life e-shield next, HDFC life click to protect super, ICICI Pru life iprotect super, LIC new jeevan amar term plan etc.

Best wishes;

Ans: You are most welcome for the social service, even at reasonable rates. However, any receipts from such activity is taxable in normal way.
Most welcome for any further clarifications. Thanks.

Ans: Short Term Capital Loss can be set off against Capital Gains, may be short term or long term. However, it is must to file ITR of Loss within time limit, to avail this benefit.
Most welcome for any further clarifications. Thanks.

Ans: 01. Your brother sold a disputed Property & executed a Sale Deed in 2005 (assumed after March), against receipt of Rs.35.00 (L). This amount was taxable in the assessment year 2006-07, after working out Capital Gain (may be Long/Short term).
02. All those members, who received share from the amount of Rs.35.00 (L), should have filed their ITRs in A/Y 2006-07, declaring their Capital Gain, after paying due tax.
03. There is nothing to be done at present in the current financial/assessment year.
Most welcome for any further clarifications. Thanks.

Ans: Sanjay, If your nephew is struggling with academics and financial constraints, consider practical, skill-based courses after SSC (10th) exams. These include diploma courses in engineering, IT, hotel management, and electrical, industrial training institute (ITI), short-term and online skill courses, government and vocational training schemes, and financial assistance. These courses offer quick job opportunities, low fees, and scholarships. It's also recommended to encourage him to complete his 12th (HSC) via Open Schooling or part-time mode while pursuing a job-oriented course. Financial assistance and scholarships are also available for low-income students. Choose a course based on his interest and job demand, as skill-based careers are equally successful without high academic scores. All the Best for You Nephew's Bright Future.

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: Adnan, Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Once the January JEE Main session results was declared, many students and JEE applicants started asking common questions about eligibility for specific institutes (NITs, IIITs, GFTIs, etc.) based on their percentile, category, preferred branch, and home state.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile (Convert your percentile into All India Rank with the help of a formula available in Google).
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates Option also and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, and preparation strategies, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide help s! All the best for your admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

Ans: Vashu, please provide percentile please. Based on your percentile, here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Once the January JEE Main session results was declared, many students and JEE applicants started asking common questions about eligibility for specific institutes (NITs, IIITs, GFTIs, etc.) based on their percentile, category, preferred branch, and home state.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile (Convert your percentile into All India Rank with the help of a formula available in Google).
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates Option also and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, and preparation strategies, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.