Dad lost all money (~70L) in the stock market, seeking advice as a 22 y/o to make it all work

[clbarberio]

@sopop Good advice
Short-term Debt funds give 1% more than fd, liquid, Tax efficient

 

[levit7]

@robinlynn1976 180k income - 158k expenses inc SIP.
So you're left with 22k. Since you are 22, assuming you will get married around 28 -30, which means you have 6-8 years. You can invest 12k money in index fund whichever has low expense ratio particular for marriage. 10k you can invest in debt funds if you're planning to buy the bike 1-1.5 yrs.

Paying the loans is a slow process. Just be disciplined and this phase will make stronger and sense of achievement after all this is over.

 

[robinlynn1976]

@levit7 I will surely look into this, thankyou for the advice and kind words

 

[vanfossenfi]

@robinlynn1976 Sorry to hear this buddy. All I can say is you are dealing with it like a champ.
I’d suggest one thing:
Get a good health insurance for your parents. Any serious condition will end up costing you a lot.
Also, speak to your dad if he can take tuitions or any side job that’ll keep him occupied and get some money.

 

[robinlynn1976]

@vanfossenfi Thankyou for the kind words, health and medical costs are covered completely by my father's employer for mom and dad lifelong, so we are secure on that front. He also works as a freelance associate so he helps in repayment of debt as well

 

[iqoretyby]

@robinlynn1976 I think the BNPL like Bajaj finance HDFCCC charge high interests on a loan if your interest rate is 10% or above, then priorities debt repayment over investments. If you pay extra emi instead of extra sip than you’re guaranteed to save money on interest where as returns on extra sip is not guaranteed. Remember, bird in hand is better than two in bush. Also being absolutely debt free is one of the best feelings and I know you will be there too in no time bro!

 

[robinlynn1976]

@iqoretyby Yes the BNPL loans will be closed by September 2024, so not worrying too much about the interest on them as the amount is small as well. Thanks for the tips sir

 

[nique]

@robinlynn1976 If all his loans are unsecured and on his name, just ask him to write off which makes him not loan eligible in future. Check with a CA/Tax lawyer before doing. By the way these are predatory lending practices by these banks. You will come great after all this, take care

 

[robinlynn1976]

@nique I will look into this, thanks for the kind words and advice

 

[mama93]

@robinlynn1976 I’ve also lost 2-3 lakhs trading f&o and realised it wasn’t working and called it quits. Losing 70 lakhs and taking loans is just pure insanity. Most likely a gambling addiction. Make sure he isn’t losing more money without you knowing.

 

[believe2c]

@robinlynn1976 Seeing this at 22yo I said you are already way ahead of others, just one advice, keep some savings aside as dead money and no one shall know about them (gupt dhan). Plus after 5 years you may be inclined to get married so plan for that one too, Good Luck

 

[robinlynn1976]

@believe2c Thankyou, have planned to do so once a bit of loan is paid off

 

[divineluuse]

@robinlynn1976 W son.

Also a great mindset penned in the last

 

[gianna]

@robinlynn1976 Aisa kaabil beta bhagwaan sabko de !!

 

[nothingnobody]

@robinlynn1976 You’re doing good. Keep money liquid till loan paid off… if you could pay off more of his loan, it would better because interest component would be less.

God bless you.

Hope your dad has learnt his lesson and is off it completely

 

[billyr54]

@robinlynn1976 With Salary I have I can only Susstain myself.........Your journey is inspiring and motivating for me. God gives challenges to those who can overcome it.

 

[grateful4endlesslove]

@robinlynn1976 Ur dad made one right investment and that was your education, your attitude and values. You took the pressure off him.
This is a very good lesson in life that you got to observe early.

 

[robinlynn1976]

@grateful4endlesslove Thank you for putting a new perspective to this, brought tears to my eyes, I'm trying my best :")

 

[silentalltheseyears]

@robinlynn1976 You are a good son

 

[amanda34]

@robinlynn1976 Imho the SIP you are doing is good enough along with 4L + 4.5L liquid funds. Put that 50k+ (whatever is left) every month into home loan prepayment so that your emi reduces drastically and you are out of loans in about two years (considering your pay hike). Thereafter all the money is yours to save for your short and long term goals.

Just my 2 cents