Your Financial Plan

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. Send your queries to blinefp@gmail.com