Background:
Mallikarjun, a young professional with a wife and a young child, found himself in a precarious financial situation, with 70% of his income going towards various EMIs and additional loans from friends to cover routine expenses. His existing financial commitments made it challenging to plan for his child’s education and marriage leaving no scope for building a retirement corpus.
Our Approach:
At Finanza Personel, we took a comprehensive approach to help Mallikarjunmanage his loan portfolio more effectively, reduce his EMIs, and restart investments towards his family’s future goals.
The Plan:
After analysing Mallikarjun’s financial situation, we provided tailored recommendations to help him regain control of his finances:
-Rejigging his entire loan portfolio to lower his total monthly EMIs, repay some of the outstanding loans, and stop further borrowing.
-Restructuring existing debts to secure more favourable interest rates and repayment terms.
-Identifying cost-cutting measures to free up additional income for investments.
-Recommending a disciplined savings and investment plan to restart investments towards his child’s education and marriage.
Outcome:
By implementing the recommendations provided by Finanza Personel, Mallikarjun successfully managed to reduce his EMIs and stop further borrowing. With a revised financial plan that prioritised his family’s future goals, Mallikarjun was able to restart investments towards his child’s education and marriage.