BQPortfolio: Large Family, Loans And Low Savings–Kumar Gondhali’s Financial Challenges Are Common
BQPortfolio speaks to citizens from across India about their financial goals and helps them access expert advice on how to achieve them.
Kumar Gondhali wishes to build a corpus of Rs 1 crore in the next 28 years to fund his post-retirement life. But he has two personal loans. The outstanding amount is worth Rs 3.5 lakh on which he pays an average interest rate of 12 percent.
Gondhali, who has a dependent wife, child and parents, earns Rs 4.68 lakh annually and spends Rs 3.72 lakh. He has Rs 50,000 in his savings bank account.
Given this, what should be his priority—get rid of the dues or build the Rs 1-crore corpus?
Gajendra Kothari, managing director and chief executive officer of Etica Wealth Management, helps Gondhali chart a plan to address both these issues in this episode of BloombergQuint’s special show Portfolio.