60k Income, Managing FAMILY After Losing Father | Personal CFO Ep. 4 | Finance With Sharan
Published: 2025-03-27
Status:
Available
|
Analyzed
Published: 2025-03-27
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 16
Prediction
Topic
Status
It is recommended to explore refinancing the current home loan with another bank.
"Why don't you talk to another bank and try to refinance your current home loan?"
Pending
A 2% reduction in home loan interest rate could save 15,000-20,000 rupees in interest per month.
"a 2% drop in your rate will at least help you save 15 20,000 rupees of interest every month."
Pending
A 2% reduction in home loan interest rate could lead to monthly savings of 15,000-20,000 rupees.
"a 2% drop in your rate will at least help you save 15 20,000 rupees of interest every month."
Pending
Refinancing the home loan with another bank could potentially secure an interest rate of 8.5% to 9%.
"Why don't you talk to another bank and try to get this refinanced I think you can get easily at 8 and a half 9%"
Pending
A 2% decrease in the home loan interest rate is projected to save 15,000-20,000 rupees monthly in interest.
"a 2% drop in your rate will at least help you save 15 20,000 rupees of interest every month."
Pending
It is possible to reduce the home loan interest rate from 11.5% to 8.5%.
"from 11 and a half, I'm sure you can get 88 and a half right now."
Incorrect
With a credit score of 770-780, securing a home loan interest rate of 8.5%-9% is achievable.
"at 770 780 score out of 900. Yeah, 8.5 9% is very easily doable."
Incorrect
The primary recommendation is to refinance the home loan by approaching another bank.
"the first thing that you have to do is approach another bank and get this refinanced"
Pending
It is suggested that the current home loan interest rate of 11.5% can be reduced to 8.5%.
"from 11 and a half, I'm sure you can get 88 and a half right now."
Incorrect
Securing term insurance is identified as the top priority due to the financial responsibility of repaying loans without an alternative income source.
"getting a term insurance for yourself that is the number one priority right now because if you are gone there is loans to be paid and nobody's earning in the family"
Correct
The recommended term insurance coverage should be at least equivalent to the total outstanding loan amount.
"at least get to the amount of the loan outstanding that you have"
Correct
A term insurance coverage of approximately 50 lakh rupees is recommended.
"at least like 50 lakh term insurance"
Pending
The annual cost for a 50 lakh term insurance policy is estimated to be no more than 4,000-5,000 rupees.
"it will not be that expensive not more than 4 to 5,000 rupees a month a year"
Incorrect
Properly utilized credit cards can yield returns of up to 15-20% on spending.
"there are several credit cards if you know how to use them correctly. You can get up to 15 to 20% returns on your expenditure."
Incorrect
Annual credit card reward points can be worth 75,000 to 1 lakh rupees, potentially covering vacation expenses.
"You can easily get credit card reward points up to 75,000 rupees to one lakh which you can use for your vacations for free."
Correct
Interest rates are predicted to decrease starting this quarter as the RBA is expected to lower rates.
"interest rates are naturally expected to come down now because RBA is going to reduce interest rates in our opinion from this quarter onwards."
Incorrect
When interest rates decrease, it's advisable to reduce the EMI rather than the loan tenor.
"I would rather suggest that you get the bank to reduce your EMI and not reduce your tenor because when rates go down you are given two options whether you reduce your tenor or reduce your EMI."
Correct
Reducing the EMI and investing the difference will help achieve financial goals, especially with a low investable surplus.
"reduce the EMI and invest the differential amount because only then you will be able to reach to a lot of goals that you've spoken about because your investable surplus in general is very low."
Correct
Home loans offer tax benefits through principal repayment under Section ATC and up to 2 lakh rupees interest exemption under Section 24B.
"you are also going to get tax benefits from these home loans. Right? So because of you know the principal repayment coming under section ATC and the section 24B which is giving you further two lakhs of interest exemption you're going to get a lot of tax benefits."
Correct
Due to tax benefits, an 8.5% home loan can effectively feel like a 7.5% loan.
"that 8 and a half% home loan is actually going to feel like a 7 and a half% home loan because of these tax benefits you're going to get right."
Correct
Tax exemption on the interest component of education loans financed in India is available under Section 80.
"education loan you get I think section 80 which gives you an entire exemption on the interest component of the education loan if it is financed in India which it is"
Correct
When refinancing a home loan, it's possible to extend the loan tenure to 20 years with the new bank.
"if you can go to a Kota or an ICIC or an HDFC and say that I want to refinance and I want you to bring back the home loan back to a 20-year home loan which the new bank can do."
Correct
Extending the loan tenor during refinancing can reduce EMIs by approximately half, in addition to saving on interest.
"What that typically does is not only that you save on 2% of interest, but uh your EMIs almost become half of what it currently is because your tenor has gone up."
Correct
Holding hard cash is not recommended; it's better to park it in a savings account, liquid fund, or arbitrage fund while deciding on its use.
"Ideally, it's not the right proposition to have cash uh and specifically cash as in hard cash, right? You might as well want to just uh park it probably in the savings account in the worst case or probably a liquid fund or an arbitrage fund would really make more sense till the time you figure out what you want to do with this money."
Correct
Keeping cash at home is risky due to security concerns and the propensity to spend it impulsively.
"I also feel cash in the house is dangerous not just from a security point of view but also from a human behavior point of view. You will spend it."
Correct
It is possible to obtain a loan against one's provident fund with a 1% interest rate.
"you can actually take a in 1% interest loan on your provident fund."
Incorrect
Given current high gold prices, liquidating jewelry could be a viable option to fund financial goals instead of taking loans.
"at lifetime high gold rates if this jeweler is not usable I think this can be a great time where you would probably want to liquidate this money and do something better than that than taking a loan over"
Correct
Liquidating jewelry now, when gold prices are high, could significantly reduce financial stress if the jewelry is not in current use.
"gold prices have been skyrocketing in the last one year. If you're able to liquidate that this will probably like take away like half of your mental stress if there is no usage of the jewelry right now."
Pending
Crypto investments should not exceed 5% of one's total net worth.
"Don't allocate more than 5% of your overall net worth in crypto."
Pending
For short-term goals, suitable investment options include arbitrage funds, small finance bank FDs, and money market funds, with equity saver funds being the riskiest.
"the best thing that you can do all the investment options that I personally think uh is arbitrage fund You can invest in a small finance bank FD. You can invest in is money market fund and the most riskiest thing that you can explore is"
Pending
While proficient in poker, it's not advisable to rely on it as an income source until other financial goals are met.
"while you may be great at poker, not really something that you want to do till most of these goals are taken care of."
Pending
It is recommended to immediately book a free consultation with an insurance advisor to obtain the best term insurance policy.
"Immediately after this call, I want you to be going and booking a call with our insurance advisor to get you the best term insurance. It's a free of cost service."
Pending
Prepaying 20 lakhs of the home loan could reduce the outstanding amount to 5 lakhs, potentially lowering the EMI to 5,000-10,000 rupees.
"If he prepays 20 lakhs so then he has five lakhs outstanding which is let's say 15 10 year. Yeah. He has to pay only 5,000. 10,000 right?"
Pending
Prepaying the home loan will result in an investable surplus of 15,000 rupees per month.
"that will leave you with 15,000 rupees of investable surplus every month."
Pending
Current asset allocation is heavily skewed towards debt (97%) with minimal in crypto (3%). Real estate comprises the majority of assets, with limited holdings in stocks, mutual funds, US market, and cash.
"Because of that your asset allocation is right now 97% in debt 3% in crypto. What are these crypto investments? Let's open. So basically real estate you have 2 and a half cr stock market zero mutual funds zero. US market zero here you have cash 7 lakhs cash."
Correct
Selling at least half of the jewelry is presented as a necessary measure to achieve savings goals.
"Jewelry is the only way. You need to sell off at least like half of it. Otherwise, you're not going to be able to save for this."
Pending
Selling at least half of the jewelry is suggested as the only viable option to meet savings targets.
"Jewelry is the only way. You need to sell off at least like half of it. Otherwise, you're not going to be able to save for this."
Pending
Refinancing a home loan to a 20-year tenure can halve the EMIs, in addition to reducing interest rates.
"if I want you to bring back the home loan back to a 20-year home loan which the new bank can do. What that typically does is not only that you save on 2% of interest, but uh your EMIs almost become half of what it currently is because your tenor has gone up."
Incorrect
For short-term financial goals, prioritizing arbitrage funds, small finance bank FDs, and money market funds is recommended, with equity saver funds being a riskier alternative.
"the best thing that you can do all the investment options that I personally think uh is arbitrage fund You can invest in a small finance bank FD. You can invest in is money market fund and the most riskiest thing that you can explore is"
Correct
There is a projected shortfall in savings for the sister's wedding.
"So you'll still fall short of saving up for your sister's wedding."
Pending
The current savings plan is insufficient to cover the sister's wedding expenses.
"So you'll still fall short of saving up for your uh sister's wedding."
Pending
At 25 years old, the individual manages a family of three and has a net worth of 2.26 crore.
"So your current net worth, oh my god, 2.26 cr. Is this correct? Uh yeah. So at the age of 25, you're now running a family of three people including yourself."
Pending
Home loans are considered good loans, and there is no strong imperative to clear them immediately.
"I would highly urge that you do not so home loan is an example of a good loan. A lot of people think that okay loans are bad I need to clear everything but that's not the case with a home loan. It's a good loan in my opinion."
Pending
It is suggested to prioritize faster prepayment of the education loan over the home loan.
"education loan I agree we can probably try to prepay that much faster instead of trying to prepay the home loan"
Pending
Selling half of the jewelry is presented as the only way to achieve savings goals.
"Jewelry is the only way. You need to sell off at least like half of it. Otherwise, you're not going to be able to save for this."
Pending
Recommended investment options include arbitrage funds, small finance bank FDs, and money market funds, with equity saver funds being the riskiest.
"So the best thing that you can do all the investment options that I personally think uh is arbitrage fund You can invest in a small finance bank FD. You can invest in is money market fund and the most riskiest thing that you can explore is"
Pending
The home loan interest rate has increased from 9.5% to 11.5% due to penalties incurred after the father's passing.
"So my home loan was operating at 9.5%. But eventually after my father passed I did I was not aware about things and after few three or four months I got to know and there was a penalty charge. So currently it is running at 11.5%."
Pending
An 11.5% interest rate on a home loan is considered excessively high given a good credit score.
"the first thing that I really want to tell you is that with your civil score 11 and a half% is extremely high that you are paying to this bank for home loan"
Correct
The 27,000 EMI is solely for the education loan, with the home loan being prepaid with lump sums rather than regular EMIs.
"So you're saying this loan EMI of 27,000 is only for the education. Education only education. So then how are you paying the EMIs of the house? So I am not currently paying EMI. I'm pre paying like four five lakhs lumpsum every two three months. I'm trying to pre-close the loan"
Pending
Approaching another bank for refinancing could potentially reduce the home loan EMI significantly, securing an 8.5%-9% interest rate.
"The first thing that you have to do is approach another bank and get this refinanced I think you can get easily at 8 and a half 9% Uh refinancing that will reduce your EMI to a very great extent"
Correct
A 2% reduction in the home loan interest rate could result in monthly savings of 15,000 to 20,000 rupees.
"a 2% drop in your rate will at least help you save 15 20,000 rupees of interest every month."
Pending
A 2% decrease in the interest rate is expected to save 15,000-20,000 rupees in interest each month.
"a 2% drop in your rate will at least help you save 15 20,000 rupees of interest every month."
Pending
As the sole breadwinner with two dependents, maintaining an emergency fund covering 6 to 12 months of expenses is crucial.
"you need to have an emergency fund of at least 6 months to 12 months I would say in your case. Uh because you're the sole bread earner and you have two dependents also. So at least one year of your expenses you need to have an emergency funds."
Correct
With monthly expenses around 50,000 rupees (including EMIs), an emergency fund of 5 to 6 lakhs is recommended.
"your monthly expenses is around um including your EMIs is about 50,000 rupees per month. So about at least five to six lakhs you need to have with you at any given point of time"
Correct
Home loans are considered beneficial, and it's not always necessary to clear them immediately.
"home loan is an example of a good loan. A lot of people think that okay loans are bad I need to clear everything but that's not the case with a home loan. It's a good loan in my opinion."
Pending
Extending the loan tenure to 20 years during refinancing can approximately halve the monthly EMIs, alongside interest savings.
"the new bank can do. What that typically does is not only that you save on 2% of interest, but uh your EMIs almost become half of what it currently is because your tenor has gone up."
Correct
The focus is on optimizing monthly cash flows.
"we are trying to optimize your monthly cash flows right now correct"
Correct
Selling at least half of the jewelry is identified as the sole method to achieve savings goals.
"Jewelry is the only way. You need to sell off at least like half of it. Otherwise, you're not going to be able to save for this."
Pending
At 25, the individual manages a family of three and has a net worth of 2.26 crore.
"So your current net worth, oh my god, 2.26 cr. Is this correct? Uh yeah. So at the age of 25, you're now running a family of three people including yourself."
Pending
It is suggested to explore refinancing the existing home loan with another bank.
"Why don't you talk to another bank and try to refinance your current home loan?"
Correct
A 2% reduction in the home loan interest rate could lead to monthly savings of 15,000-20,000 rupees.
"a 2% drop in your rate will at least help you save 15 20,000 rupees of interest every month."
Correct
It is advised to approach another bank to refinance the current home loan.
"Why don't you talk to another bank and try to refinance your current home loan?"
Correct
Term insurance is identified as the top priority due to the financial responsibility of repaying loans without alternative income.
"getting a term insurance for yourself that is the number one priority right now because if you are gone there is loans to be paid and nobody's earning in the family"
Correct
The term insurance coverage should be at least equal to the total outstanding loan amount.
"at least get to the amount of the loan outstanding that you have"
Correct
A term insurance coverage of 50 lakh rupees is recommended.
"at least like 50 lakh term insurance"
Unrated
The annual cost for a 50 lakh term insurance policy is estimated to be between 4,000 and 5,000 rupees.
"it will not be that expensive not more than 4 to 5,000 rupees a month a year"
Correct
Smart usage of credit cards can yield returns of 15-20% on spending.
"there are several credit cards if you know how to use them correctly. You can get up to 15 to 20% returns on your expenditure."
Incorrect
Annual credit card rewards can amount to 75,000 to 1 lakh rupees, potentially covering vacation expenses.
"You can easily get credit card reward points up to 75,000 rupees to one lakh which you can use for your vacations for free."
Pending
Interest rates are anticipated to decline starting this quarter due to expected reductions by the RBA.
"interest rates are naturally expected to come down now because RBA is going to reduce interest rates in our opinion from this quarter onwards."
Incorrect
When interest rates fall, it's preferable to lower the EMI rather than shorten the loan tenor.
"I would rather suggest that you get the bank to reduce your EMI and not reduce your tenor because when rates go down you are given two options whether you reduce your tenor or reduce your EMI."
Correct
Reducing EMIs and investing the difference is key to achieving financial goals, especially with a limited investable surplus.
"reduce the EMI and invest the differential amount because only then you will be able to reach to a lot of goals that you've spoken about because your investable surplus in general is very low."
Pending
Home loans offer tax advantages through principal repayment under Section ATC and an interest exemption of up to 2 lakhs under Section 24B.
"you are also going to get tax benefits from these home loans. Right? So because of you know the principal repayment coming under section ATC and the section 24B which is giving you further two lakhs of interest exemption you're going to get a lot of tax benefits."
Correct
Due to tax benefits, an 8.5% home loan can effectively be considered as a 7.5% loan.
"that 8 and a half% home loan is actually going to feel like a 7 and a half% home loan because of these tax benefits you're going to get right."
Correct
Interest paid on education loans financed in India is eligible for a full exemption under Section 80.
"education loan you get I think section 80 which gives you an entire exemption on the interest component of the education loan if it is financed in India which it is"
Correct
When refinancing a home loan, it's possible to extend the tenure to 20 years with the new bank.
"if you can go to a Kota or an ICIC or an HDFC and say that I want to refinance and I want you to bring back the home loan back to a 20-year home loan which the new bank can do."
Correct
Extending the loan tenure during refinancing can reduce EMIs by roughly half, in addition to interest savings.
"What that typically does is not only that you save on 2% of interest, but uh your EMIs almost become half of what it currently is because your tenor has gone up."
Correct
Holding hard cash is not advisable; it's better to keep it in a savings account, liquid fund, or arbitrage fund while deciding on its allocation.
"Ideally, it's not the right proposition to have cash uh and specifically cash as in hard cash, right? You might as well want to just uh park it probably in the savings account in the worst case or probably a liquid fund or an arbitrage fund would really make more sense till the time you figure out what you want to do with this money."
Correct
Keeping cash at home poses security risks and increases the likelihood of impulsive spending.
"I also feel cash in the house is dangerous not just from a security point of view but also from a human behavior point of view. You will spend it."
Correct
A loan can be obtained against the provident fund at a 1% interest rate.
"you can actually take a in 1% interest loan on your provident fund."
Incorrect
Given the current high gold prices, liquidating jewelry is recommended as a strategic move to fund other needs instead of taking loans.
"at lifetime high gold rates if this jeweler is not usable I think this can be a great time where you would probably want to liquidate this money and do something better than that than taking a loan over"
Correct
Liquidating jewelry now, while gold prices are at a historical high, could significantly reduce mental stress if the jewelry is not actively used.
"gold prices have been skyrocketing in the last one year. If you're able to liquidate that this will probably like take away like half of your mental stress if there is no usage of the jewelry right now."
Correct
Crypto investments should be capped at 5% of the total net worth.
"Don't allocate more than 5% of your overall net worth in crypto."
Correct
Investment options for short-term goals include arbitrage funds, small finance bank FDs, and money market funds, with equity saver funds being the most aggressive.
"the best thing that you can do all the investment options that I personally think uh is arbitrage fund You can invest in a small finance bank FD. You can invest in is money market fund and the most riskiest thing that you can explore is"
Correct
Playing poker should be deferred until primary financial goals are met.
"while you may be great at poker, not really something that you want to do till most of these goals are taken care of."
Correct
It is strongly advised to schedule a complimentary consultation with an insurance advisor to secure the optimal term insurance policy.
"Immediately after this call, I want you to be going and booking a call with our insurance advisor to get you the best term insurance. It's a free of cost service."
Unrated
A 20 lakh prepayment on the home loan could reduce the outstanding balance to 5 lakhs, potentially lowering the EMI to 5,000-10,000 rupees.
"If he prepays 20 lakhs so then he has five lakhs outstanding which is let's say 15 10 year. Yeah. He has to pay only 5,000. 10,000 right?"
Incorrect
After prepaying the home loan, a monthly investable surplus of 15,000 rupees is projected.
"that will leave you with 15,000 rupees of investable surplus every month."
Pending
The current asset allocation is 97% in debt and 3% in crypto. Real estate constitutes the largest asset, with minimal holdings in stocks, mutual funds, the US market, and cash.
"Because of that your asset allocation is right now 97% in debt 3% in crypto. What are these crypto investments? Let's open. So basically real estate you have 2 and a half cr stock market zero mutual funds zero. US market zero here you have cash 7 lakhs cash."
Pending
Total outstanding loans are approximately 50 lakhs. Combined savings of the individual and mother are 25 lakhs, plus 20 lakhs in jewelry.
"So your outstanding loans are roughly 50 lakhs. Correct? Uh yeah, around 50 lakhs. Now you and your mom roughly have 25 lakhs of savings. Yes, correct. Plus you have 20 lakhs of jewelry."
Pending
There are three distinct financial strategies to consider.
"So you have three situations."
Pending
One option is to prepay 20 lakhs of the home loan, leaving 5 lakhs outstanding, resulting in a significantly reduced EMI (estimated 5,000-10,000 rupees).
"So you pay off everything your home loan is gone. I think he can't he will definitely have to keep emergency fund of five lakhs. Five lakhs he will have. So 20 lakhs let him say he prepays the home loan. Yes. So if he prepays 20 lakhs so then he has five lakhs outstanding which is let's say 15 10 year. Yeah. He has to pay only 5,000. 10,000 right?"
Correct
Current savings are insufficient to cover the sister's wedding expenses.
"So you'll still fall short of saving up for your uh sister's wedding."
Pending
While typically not ideal, the option to pay off loans to alleviate stress is understandable given the situation.
"For all practical purposes, you typically don't want to. Uh but yeah, you are in a situation where you might really think that you know you don't want this headache."
Pending
Saving 47,000 rupees per month with an 8% annual return could generate 20 lakh rupees in three years, sufficient for the sister's education and wedding.
"if he says start having 47,000 rupees a month even if he's earning 8% every year absolutely he's going to make 20 lakh rupees in three years which will pay for your sister's education and her wedding and then some"
Incorrect
Recommended investment avenues include arbitrage funds, small finance bank FDs, and money market funds, with equity saver funds being the most aggressive option.
"the best thing that you can do all the investment options that I personally think uh is arbitrage fund You can invest in a small finance bank FD. You can invest in is money market fund and the most riskiest thing that you can explore is"
Pending
The home loan interest rate increased from 9.5% to 11.5% due to penalties incurred following the father's passing.
"So my home loan was operating at 9.5%. But eventually after my father passed I did I was not aware about things and after few three or four months I got to know and there was a penalty charge. So currently it is running at 11.5%."
Pending
Exploring refinancing the current home loan with another bank is advised.
"Why don't you talk to another bank and try to refinance your current home loan?"
Correct
A 2% decrease in the home loan interest rate is projected to save 15,000-20,000 rupees in interest per month.
"a 2% drop in your rate will at least help you save 15 20,000 rupees of interest every month."
Pending
Securing term insurance is the top priority due to the obligation to repay loans without an alternative income source.
"getting a term insurance for yourself that is the number one priority right now because if you are gone there is loans to be paid and nobody's earning in the family"
Correct
The term insurance coverage should be at least equal to the total outstanding loan amount.
"at least get to the amount of the loan outstanding that you have"
Correct
The annual cost for a 50 lakh term insurance policy is estimated to be no more than 4,000-5,000 rupees.
"it will not be that expensive not more than 4 to 5,000 rupees a month a year"
Incorrect
Annual credit card rewards can be worth 75,000 to 1 lakh rupees, potentially covering vacation expenses.
"You can easily get credit card reward points up to 75,000 rupees to one lakh which you can use for your vacations for free."
Correct
Interest rates are predicted to decline starting this quarter as the RBA is expected to lower rates.
"interest rates are naturally expected to come down now because RBA is going to reduce interest rates in our opinion from this quarter onwards."
Incorrect
When interest rates fall, it is advisable to reduce the EMI rather than the loan tenor.
"I would rather suggest that you get the bank to reduce your EMI and not reduce your tenor because when rates go down you are given two options whether you reduce your tenor or reduce your EMI."
Correct
Home loans provide tax benefits through principal repayment under Section ATC and up to 2 lakh rupees in interest exemption under Section 24B.
"you are also going to get tax benefits from these home loans. Right? So because of you know the principal repayment coming under section ATC and the section 24B which is giving you further two lakhs of interest exemption you're going to get a lot of tax benefits."
Correct
Due to tax benefits, an 8.5% home loan can effectively be perceived as a 7.5% loan.
"that 8 and a half% home loan is actually going to feel like a 7 and a half% home loan because of these tax benefits you're going to get right."
Correct
When refinancing a home loan, it's possible to extend the tenure to 20 years with the new bank.
"if you can go to a Kota or an ICIC or an HDFC and say that I want to refinance and I want you to bring back the home loan back to a 20-year home loan which the new bank can do."
Correct
Extending the loan tenure during refinancing can approximately halve the EMIs, in addition to interest savings.
"What that typically does is not only that you save on 2% of interest, but uh your EMIs almost become half of what it currently is because your tenor has gone up."
Correct
It is recommended to avoid holding hard cash and instead place it in a savings account, liquid fund, or arbitrage fund while deciding on its allocation.
"Ideally, it's not the right proposition to have cash uh and specifically cash as in hard cash, right? You might as well want to just uh park it probably in the savings account in the worst case or probably a liquid fund or an arbitrage fund would really make more sense till the time you figure out what you want to do with this money."
Correct
Keeping cash at home is risky due to security concerns and the tendency for impulsive spending.
"I also feel cash in the house is dangerous not just from a security point of view but also from a human behavior point of view. You will spend it."
Correct
A loan can be obtained against the provident fund at a 1% interest rate.
"you can actually take a in 1% interest loan on your provident fund."
Incorrect
Given the current high gold prices, liquidating jewelry is recommended to fund other needs instead of taking out loans.
"at lifetime high gold rates if this jeweler is not usable I think this can be a great time where you would probably want to liquidate this money and do something better than that than taking a loan over"
Correct
Liquidating jewelry now, while gold prices are at a historical high, could significantly reduce mental stress if the jewelry is not in active use.
"gold prices have been skyrocketing in the last one year. If you're able to liquidate that this will probably like take away like half of your mental stress if there is no usage of the jewelry right now."
Correct
Crypto investments should not exceed 5% of the total net worth.
"Don't allocate more than 5% of your overall net worth in crypto."
Correct
Recommended investment options for short-term goals include arbitrage funds, small finance bank FDs, and money market funds, with equity saver funds being the most aggressive.
"the best thing that you can do all the investment options that I personally think uh is arbitrage fund You can invest in a small finance bank FD. You can invest in is money market fund and the most riskiest thing that you can explore is"
Correct
Playing poker should be deferred until primary financial goals are met.
"while you may be great at poker, not really something that you want to do till most of these goals are taken care of."
Correct
It is strongly advised to immediately book a free consultation with an insurance advisor to secure the best term insurance policy.
"Immediately after this call, I want you to be going and booking a call with our insurance advisor to get you the best term insurance. It's a free of cost service."
Unrated
Prepaying 20 lakhs of the home loan could reduce the outstanding balance to 5 lakhs, potentially lowering the EMI to 5,000-10,000 rupees.
"If he prepays 20 lakhs so then he has five lakhs outstanding which is let's say 15 10 year. Yeah. He has to pay only 5,000. 10,000 right?"
Pending
After prepaying the home loan, a monthly investable surplus of 15,000 rupees is projected.
"that will leave you with 15,000 rupees of investable surplus every month."
Pending
The current asset allocation is 97% in debt and 3% in crypto. Real estate constitutes the largest asset, with minimal holdings in stocks, mutual funds, the US market, and cash.
"Because of that your asset allocation is right now 97% in debt 3% in crypto. What are these crypto investments? Let's open. So basically real estate you have 2 and a half cr stock market zero mutual funds zero. US market zero here you have cash 7 lakhs cash."
Pending
Total outstanding loans are approximately 50 lakhs. Combined savings of the individual and mother are 25 lakhs, plus 20 lakhs in jewelry.
"So your outstanding loans are roughly 50 lakhs. Correct? Uh yeah, around 50 lakhs. Now you and your mom roughly have 25 lakhs of savings. Yes, correct. Plus you have 20 lakhs of jewelry."
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There are three distinct financial strategies to consider.
"So you have three situations."
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One option is to prepay 20 lakhs of the home loan, leaving 5 lakhs outstanding, potentially reducing the EMI to 5,000-10,000 rupees.
"So you pay off everything your home loan is gone. I think he can't he will definitely have to keep emergency fund of five lakhs. Five lakhs he will have. So 20 lakhs let him say he prepays the home loan. Yes. So if he prepays 20 lakhs so then he has five lakhs outstanding which is let's say 15 10 year. Yeah. He has to pay only 5,000. 10,000 right?"
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Current savings are insufficient to cover the sister's wedding expenses.
"So you'll still fall short of saving up for your uh sister's wedding."
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While not generally recommended, the option to pay off loans to alleviate stress is understandable given the circumstances.
"For all practical purposes, you typically don't want to. Uh but yeah, you are in a situation where you might really think that you know you don't want this headache."
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Saving 47,000 rupees monthly at an 8% annual return could generate 20 lakh rupees in three years, sufficient for the sister's education and wedding.
"if he says start having 47,000 rupees a month even if he's earning 8% every year absolutely he's going to make 20 lakh rupees in three years which will pay for your sister's education and her wedding and then some"
Correct
Recommended investment options for short-term goals include arbitrage funds, small finance bank FDs, and money market funds, with equity saver funds being the most aggressive.
"the best thing that you can do all the investment options that I personally think uh is arbitrage fund You can invest in a small finance bank FD. You can invest in is money market fund and the most riskiest thing that you can explore is"
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