Job loss, Direct vs Regular and Family Finances

Update: 2024-10-17

Description

In this episode, Monika reflects on the Durga Puja week, sharing her joy in visiting pandals while noting the limited news that led to her changing the episode format by addressing five listener questions instead of the usual 3.

Anonymous from Bengaluru, nearing retirement, faces the dilemma of paying his sisters Rs 1.2 crore for an inherited home, with suggestions like selling his rental flat or staggering payments over five years. Sachin Gupta from NOIDA, recently laid off at 40, wonders about withdrawing from his EPF for investments; the advice is to continue the job search for 6-12 months. Saurab Roy seeks guidance on increasing SIP contributions with 12 mutual funds, and consolidation to one platform while reducing funds to 8-10 is encouraged. Nayan Paliwal plans to use a windfall bonus for a home down payment in 1.5-2 years, and fixed deposits are recommended for safety. Finally, Amit Kohly, an NRI considering a switch from regular to direct mutual fund plans, is advised on potential tax implications and a gradual transition. This episode emphasizes the importance of informed financial decision-making in balancing family obligations and investment strategies.

Chapters:

(0:34 - 0:53 ) Introduction and Format Change

(0:55 - 3:47 ) Dilemma of Paying Sisters for Inherited Property

(3:55 - 6:57 ) Advice on EPF Withdrawal After Job Loss

(7:05 - 9:11 ) Increasing SIP Contributions and Managing Mutual Funds

(9:14 - 10:52 ) Investing a Windfall Bonus for Future Home Purchase

(10:54 - 13:0) Switching from Regular to Direct Mutual Fund Plans

https://www.epfindia.gov.in/site_en/FAQ.php

If you have financial questions that you’d like answers for, please email us at ⁠mailme@monikahalan.com⁠

Monika’s book on basic money management

www.monikahalan.com/lets-talk-money-english/⁠

Monika’s book on mutual funds