Learning tough things early in life , I say , is a gift by god. Kishan .. ALL THE BEST. He takes over....
This is something that is worrying me for a few days now.. Here are a few questions that are troubling me and i would be grateful if you can give me your opinions regarding the same..
1)What is the right time for one to take risks?
2)What is the depth of risk one can afford to take? (i mean if a person is earning 3 lakhs per annum, what is the maximum amount of debt he can have?)
Here are some of my thoughts about these questions( if i am wrong, please feel free to correct me)..
I think one should start taking risks related to money very early in his professional career but with proper planning...
For a real-life example, consider my case..
My Debts,
1)MindTree Vehicle Loan - 50000
2)ICICI Bank Personal Loan - 50000
3)HSBC Credit card due - 35000
4)HDFC Credit card due - 15000
5)ICICI Bank card due - 5000
So, Total Debts - 1,50,000..
Now, here is how my planning goes,
I have taken that personal loan of 50000 to repay my HSBC and HDFC credit card dues(35000+15000).. I have made enough savings to repay the ICICI Bank credit card due...
Now, here is how these debts will have an impact on me,
My Salary - 16460/month
Vehicle Loan deductions - 1774
Personal Loan deductions - 1782
So, here is how much will be left over... 16460 - (1774+1782) = 12904/month...
Coming to my next question regarding the maximum debt a person can have..
Here is what i feel.. I feel that this depends on the way that person has planned and i seriously feel that there is no limit on how much debt a person can have if and only if he has a proper plan to repay that..
Waiting for your opinions and feedback on this...
Regards,
Kishan Chandranna
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4 comments:
Hey kishan your salary looks attractive (i now it cant be with so much debts). Anyway coming to your question on the right time to take risk , i revert back to you asking
1) Is it a must to take the risk inorder to acheive whatever you are thinking to aceive? Can you do it without the risk you are about to take?
Question this yourself should give you the answer.
Coming back to your second question , i say it depends on indiviuals and his/her ability to sustain the effects(good or bad) of risk.
Madhu, i have no doubt about you being happy without taking any risks in life.. but what i am trying to say is that you have to be prepared to take some risks in life so that you will know how to handle it at times when taking risks become unavoidable..
Good Blog kishan, to add upon taking calulative risk always work out.
If a person plays safe all the time then he is playing a RAT RACE, where people go to office and come back home for 35 years and then they look back and see and realize that they have wasted their 30 years.
If a person takes calculated risk then he can easily achieve his goals and shorten that 30 years of lose to 15 years.
when I read this ,I found there was only ur debts and monthly expenditure , wat plans u have to clear ur debts ????
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