@robinlynn1976 In addition to others’ excellent advice:
If you want to settle the loans then
- avoid everything that is a “want “. For example, the Interiors and the bike are a “want”.
- do not marry and put someone else in trouble and uncertainty until you settle all loans first.
- get that Health Insurance for yourself and for your parents.
- get a Term Insurance with you as the insured and your Mum as the beneficiary. The cover amount should help settle those loans, provide for their future ( consult the fee only advisor on this). Check with the fee-one advisor if the setup could be such that no single person is in full control.
- if you are able to plan with a fee-only advisor, then get your Mum to accept that things can turn for the better and that she needs to stop fearing for the future and come up with specifics that you and the fee-only advisor can address. Her crying and sadness can be a distraction for your focus. I’m saying this from personal experience.
- You can aim for higher salaries within India as well as abroad. Upskill yourself. Learn how to clear FAANG interviews.
- are those mutual Funds Direct or Regular? Consider choosing Direct so that you pay lower commissions.
- it might be cheaper to liquidate all Mutual Funds And other instruments ( keep the emergency fund ) and pay off the higher interest loans.
Fee only advisors:
https://www.feeonlyindia.com
Have a conversation with two or three of them and then choose one.
Tell your father to read The disciplined Trader and Trading in the Zone by Mark Douglas. If he cannot understand those books and if he cannot show a 20% profit from 30% of successful trades ( where 70% of trades are in a loss but one risks only 1% or less of over all capital in a trade), then he had entered active trading too soon. It takes about two to three years of practice to arrive at profitably strategies and six months to a year of trading with a small amount of real money to learn the journaling practices that help one attain the psychological resilience to avoid bad traps such as revenge trading and hope trading.
He now has neither the capital nor the luxury of learning Trading. He is better off taking a part time job to stay engaged rather than fall into to depression at home.