«

»

Oct 12

Your Financial Plan

I am aged 48. I started my entrepreneurship journey with a start-up in 2015 and it is not exciting due to some Government policies. Success is still eluding me. I am not sure of getting placed in employment too. Do let me know how I need to handle my finances for a worry-free life.

Prakash

Solution: I think you are giving up too early. If you had networked well, your consultancy services could have picked up by now. Since the economic cycle is tight, you may be facing the heat.

Do try to continue with the current profile for one or two years. If, after that, you are not comfortable, try to re-enter corporate employment even if the salary is lower than before.

 

 

 

This will help you meet your monthly commitments. It will also keep you healthy and sustain your assets for some more years.

However, if you do not succeed in business and do not want to take up a job, you can still live comfortably.You don’t need to hold gold worth 20 lakh. Sell gold worth 10 lakh and invest in financial assets such as bonds and fixed deposits and go for monthly or quarterly interest.

From your mutual fund investments, through systematic withdrawal plans, draw 8 per cent annually — this will give you about 43,000. From your debt investments, if you earn 8 per cent return, it will account for another 6,600.

So, till you get a hold on your life, use these strategies. If you get settled in job or in your consultancy profile, postpone selling your property. Once your income stabilises, close the home loan using fixed deposits. Let your son take care of his education loan.

The writer is investment adviser and founder myassetsconsolidation.com. 

 

This article was published in The hindu business line on-23/09/2018

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>