I feel the advice of aries31 is most sensible
Decision during uncertain times.
Re: Decision during uncertain times.
Hi
I feel the advice of aries31 is most sensible
I feel the advice of aries31 is most sensible
Re: Decision during uncertain times.
Guys
Uncertain times are certain today and also in future in this changing world, as our private sector jobs are very fragile and there is no guarantee that we will contrinue working till our retirement age like our parents. Especially it applies for those who are working in US Based MNC's, offshore development centers and third party IT and Enabled services companies. Just two weeks back in my floor itself, on friday morning 10:00 a.m, HR team called few selected employees, collected their ID/Badges, handed over a sealed envelope and said "ALL THE BEST" for their future. Everything completed in 20 minutes. Again this week, for another 4 employees, Pink slip was given. They were all working from last 4 months(recently joined leaving other company to around 4-8 years in this company). During uncertain times, no sentiments, contribution, loyalty, performance matters for companies. Also, every near and dear ones will be with you in good times. In Hard times, no one wants to bear your burden. Its a simple and naked truth. You must be psychologically ready to face these kind of scenarios anytime in your career.
To minimise your future risks, keep certain cash amount which supports you & your family to survive for atleast one year period(Your monthly average expenses X 12 ) as buffer for unexpected surprises. Also apart from all your monthly expenditures and EMI's,(Car loan, personal loans,....etc) strictly follow to save a minimum of 15 to 25% your monthly earning. if you have any surplus amount above this, then do plan whatever you want based on your earning ability. Don't get attracted by the Banks which tempts to avail their loans over phone, road side or as a top up feature for your salary account/credit card. Especially if you are going for Home loans, ensure to keep the tenure of 5-10 years which can be even be preclosed at your convenience. Else do not take any crazy dreams for your future needs based on any of your near and dear ones ideas/suggestions, which may push you into hell.
Uncertain times are certain today and also in future in this changing world, as our private sector jobs are very fragile and there is no guarantee that we will contrinue working till our retirement age like our parents. Especially it applies for those who are working in US Based MNC's, offshore development centers and third party IT and Enabled services companies. Just two weeks back in my floor itself, on friday morning 10:00 a.m, HR team called few selected employees, collected their ID/Badges, handed over a sealed envelope and said "ALL THE BEST" for their future. Everything completed in 20 minutes. Again this week, for another 4 employees, Pink slip was given. They were all working from last 4 months(recently joined leaving other company to around 4-8 years in this company). During uncertain times, no sentiments, contribution, loyalty, performance matters for companies. Also, every near and dear ones will be with you in good times. In Hard times, no one wants to bear your burden. Its a simple and naked truth. You must be psychologically ready to face these kind of scenarios anytime in your career.
To minimise your future risks, keep certain cash amount which supports you & your family to survive for atleast one year period(Your monthly average expenses X 12 ) as buffer for unexpected surprises. Also apart from all your monthly expenditures and EMI's,(Car loan, personal loans,....etc) strictly follow to save a minimum of 15 to 25% your monthly earning. if you have any surplus amount above this, then do plan whatever you want based on your earning ability. Don't get attracted by the Banks which tempts to avail their loans over phone, road side or as a top up feature for your salary account/credit card. Especially if you are going for Home loans, ensure to keep the tenure of 5-10 years which can be even be preclosed at your convenience. Else do not take any crazy dreams for your future needs based on any of your near and dear ones ideas/suggestions, which may push you into hell.
Last edited by msn1270 on December 17th, 2012, 5:47 pm, edited 7 times in total.
Re: Decision during uncertain times.
very good suggestion
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blrsiteseeker
- Posts: 508
- Joined: July 18th, 2009, 2:23 am
Re: Decision during uncertain times.
Uncertainty or not, it is always recommended to have a minimum of 6-12 months of expenses saved in your emergency fund. That should be part of your financial planning.msn1270 wrote:Guys
Hence keep certain cash which can support you to survive for atleast one year period as buffer.
Re: Decision during uncertain times.
msn
its really shocking to know about your friends. Its a classic case of uncertain times.
its really shocking to know about your friends. Its a classic case of uncertain times.
Re: Decision during uncertain times.
Iam still undecided on how to proceed...
Re: Decision during uncertain times.
Magblr
Only u can decide about your needs. Others can simply put their suggestions/ideas, But they are not accountable for anything. w.r.to your current situation, you can consider few options like
1) If your current home is very convenient for you in all ways and your other two plots doesn't have the same comfort, just try to go for an additional room + attached Bath in II Floor as a tentative measure.
2) If your BDA Site is having all amenities and convenient for you all for work location, commuting & all other facilities like schools, health care centres...etc, just sell of your other B Khata site and build a house, provided the sold value make your construction estimate +/- 10-25% from your hand(Savings).
3) vice versa, if your B Khata site is having more convenient than your BDA plot, Sell your BDA plot and construct as per yoru need.
4) if your family has multiple earnings/financial back up, just go ahead and Construct in any one of your plot which has more convenient for your family needs by borrowing Loan + Savings and if there any situation arises, you can use the other plot as collateral for clearing your Loan.
5) Last but not least, just continue in your existing house compromising your current issues.
Only u can decide about your needs. Others can simply put their suggestions/ideas, But they are not accountable for anything. w.r.to your current situation, you can consider few options like
1) If your current home is very convenient for you in all ways and your other two plots doesn't have the same comfort, just try to go for an additional room + attached Bath in II Floor as a tentative measure.
2) If your BDA Site is having all amenities and convenient for you all for work location, commuting & all other facilities like schools, health care centres...etc, just sell of your other B Khata site and build a house, provided the sold value make your construction estimate +/- 10-25% from your hand(Savings).
3) vice versa, if your B Khata site is having more convenient than your BDA plot, Sell your BDA plot and construct as per yoru need.
4) if your family has multiple earnings/financial back up, just go ahead and Construct in any one of your plot which has more convenient for your family needs by borrowing Loan + Savings and if there any situation arises, you can use the other plot as collateral for clearing your Loan.
5) Last but not least, just continue in your existing house compromising your current issues.
Re: Decision during uncertain times.
Magblr,
As MSN1270 said, only you can decide about your needs. Having re-iterated that, below are my comments.
Assuming you are less then 40 and have long way to send kids to college, I would go with option #3. Which is build as much as required and expand later.
I would think long and hard before selling the B-khata site until it is absolutely required. It is getting hard to find sites at decent location at decent price so just don't sell it until it is really required.
Good and bad times are part of life and that too will pass. If you don't take calculated risk now, it might be too late later. Just make sure you have emergency funds(6-12 months of expenses+ loan re-payment) and go with option#3.
As MSN1270 said, only you can decide about your needs. Having re-iterated that, below are my comments.
Assuming you are less then 40 and have long way to send kids to college, I would go with option #3. Which is build as much as required and expand later.
I would think long and hard before selling the B-khata site until it is absolutely required. It is getting hard to find sites at decent location at decent price so just don't sell it until it is really required.
Good and bad times are part of life and that too will pass. If you don't take calculated risk now, it might be too late later. Just make sure you have emergency funds(6-12 months of expenses+ loan re-payment) and go with option#3.
Re: Decision during uncertain times.
Thank you guys for your encouraging thoughts.I will shortly decide.