I am 38 yrs male residing in Mumbai married blessed with a child. The intention of writing this post is seeking some future financial guidance from sharp, analytical and brilliant minds who are esteemed members of this forum.
My family consists of my parents, younger brother, my wife and my child. My brother is single , MBA finance placed in a reputed financial firm having presence worldwide . Ours is a middle class family whereby we got decent education I graduated in commerce from a top ranked commerce college of Mumbai in 2003 and joined my father in family business started by my grandfather. Till last FY 2017-18 our monthly avg income was 70k ,prior to that for 3/5 years the income was in the range of 1lac/1.3lacs per month. I had an kidney ailment from last 2 years named FSGS but suddenly in the period of jan-mar 18 it worsened considerably and my kidneys gave up and I was put on dialysis in the month of apr-18. My father donated his kidney and I had a transplant in the month of june . But all this cost around 16-17 lacs and post surgery medication and check up has already cost me around 2lacs in last 6 months.
Now coming to the main purpose of this mail. Suddenly from April this year my business has collapsed and from last 6 months my profit has just been able to cover my business overheads. Me and my father have decided to close our long standing business for 60 years .It is a very tough emotional decision for us but staring at the bleak future prospect of our business we hav concluded that it is the right step. At present I am staring at 5lacs rs loss in business in the event of wind up .i have taken 8 lacs loan from my relatives for my surgery .At present we are majorly surviving on my younger brothers salary which both me and my father feel terribly repentant for . I have another loan of 4 lacs pending too . Our basic household expenditure is 50k per month and additional 20k per mth I require to pay for all the policies and mediclaim already taken by us. Now coming to the asset side I have my a small office whose value would be around 20lacs fetching me 10k rent per month. I have an investment of 20 lacs done 4 yrs ago in an under construction project in bhandup, the market value of which can be roughly estimated to be 40lacs today .But I don’t think there will be any buyers in market for that project at present because of its under construction status. The builder can give us that amount but thinking about the liquidity strain the whole sector is it also seenms difficult that he will bail us out. I have a 3BHK residence at where we are residing today fetching me 2.5 crs . Have some investment in shares today which at present would give me 12 lacs ,and MF investment of 4 lacs. My portfolio can fetch me 15 lacs but in last cpl of mths I am in a huge loss of 2.75 lacs in Yes Bank Futures ,I have not yet closed the trade and rolling over my position .
I have thought of 2 scenarios for my future
Scenario 1: Because of my physical condition and constraints will seek help from my friends/relatives to place me in a job/business proposal which can give me a monthly income for 30k/50k . Looking at the present market conditions it looks very tough have already thought upon many proposals and even met some of my friends/relatives but nothing concrete seems to emerge. But still will give a year or two and try hard and look something works out.
Scenario 2 : Looking to sell my residence and move to a tier 2 city like nasik, baroda which will effectively live me with 1.75 crs in my hand ,some of which can be kept in FD and remaining can be used for buying a franchise or some other venture or even investing in markets .although will have to work out the mix of the above 3. Small tier 2 city would be good for my health also because travelling in Mumbai through public transport and also the dense population I am prone to more infection which isn’t good for me because I will be on immunosuppresants for probably rest of my life. Shifting to small city will hopefully live me with more income/less struggle but wife ,mother might understand /not understand is difficult to say. Also my Brother who has a well paying job here wont live Mumbai and will have no property to stay .
So this tough times and how to come out of it is constantly worrying me ,I request forum members to help me out with there inputs so I can come out of this Chakravyuh of my life.
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