Return with a Ph.D. and a startup

[surfpacifica]

hello everyone,

I recently completed my Ph.D. in the USA and have a job offer in academia here. I am also working on a (two person) web start-up - Revenues are between $80-90K (pre-tax) this year, much of this is profit. We started with absolutely nothing....used to make $40 a month!

But, can't do both going forward...

I miss being a student already. Pursuing tenure in the USA will take up to 60 hours per week on average and I can't be seen making money on the side. It would be insincere and would not be fun to explain. Tenure is a pretty stressful process too.

My start up (now) requires about 10-15 hours per week of my time.

Being single (of course not according to my silly relatives), moving is not a big decision. As dead set as I was on pursuing tenure when I started my Ph.D., life took another turn in no time. So, here we go...

I will be returning to Bombay soon. Family is happy and I can't wait. I will be taking up a (primarily) teaching position in India for the first few years. Teaching is not easy, but much less stressful than research. Salary is a lot better than expected - perhaps the US effect?

Upon returning, my immediate goals are to look for a chef who can cook for the family twice a week, and to set up a home gym.

Your questions, suggestions, and advice are most welcome.

[dbs]

Upon returning, my immediate goals are to look for a chef who can cook for the family twice a week,

Welcome to India. One solution may be to get married.

[Mumbai_2009]

Welcome to India. One solution may be to get married.

As if, the girls (wifey to be) these days can cook.........woh jamana purana tha (those days were old)

Right solution would be: find girls who can cook for marriage/post marriage

[surfpacifica]

As if, the girls (wifey to be) these days can cook.........woh jamana purana tha (those days were old)

Right solution would be: find girls who can cook for marriage/post marriage

haha :) thanks dbs and mumbai_2009. Definitely a good solution. I am so used to cooking for myself and friends, and the diet control that comes along with it, that the cooking ability of my future wife is not of much concern. I was thinking more along the lines of giving the family a break from the routine. We grew up poor, so it would be nice to do something for parents.

Another question is to transfer about $50K-$60K to a local bank account in India every year. I have done remittances (via ICICI) all along - very easy to use, the fees are reasonable and never had any problems. Maybe there are better ways of money transfer?

mumbai_2009 -- how has your experience been so far in mumbai? I have not visited in 4 years. From what I hear, many new things happening and many good changes. I love the city, miss it a lot.

[farfromhome]

h
Another question is to transfer about $50K-$60K to a local bank account in India every year. I have done remittances (via ICICI) all along - very easy to use, the fees are reasonable and never had any problems. Maybe there are better ways of money transfer?

Please check out this link for more details and see if it helps you.

http://www.r2iclubforums.com/forums/showthread.php/12260-Electronically-Linking-Seamless-Money-Transfer-after-R2I?highlight=chase+link

[surfpacifica]

Please check out this link for more details and see if it helps you.

http://www.r2iclubforums.com/forums/showthread.php/12260-Electronically-Linking-Seamless-Money-Transfer-after-R2I?highlight=chase+link

:) thank you very much - this is very helpful. Very welcoming place.

We are registered in the state of california and will pay tax on these monies in the US. May I assume I won't have to pay tax on these remittances in India?

[ord2pnq]

As if, the girls (wifey to be) these days can cook.........woh jamana purana tha (those days were old)

Right solution would be: find girls who can cook for marriage/post marriage

Agreed- make sure you keep that in mind before signing the dotted line.

--> learning it the hard way...

p.s: Mrs Ord and I had a few tiffs over cooking- adding gud (jaggery) in food and all- now she is experimenting with cooking veggies in the microwave- minimum oil/spices, and the experiment has been successful so far.

While I did not agree with the former, I really like the latter initiative!

[farfromhome]

:) thank you very much - this is very helpful. Very welcoming place.

We are registered in the state of california and will pay tax on these monies in the US. May I assume I won't have to pay tax on these remittances in India?

I am not sure. If you ask the same question in the thread I referred earlier, our forum financial experts will advise you.

[dbs]

:) . May I assume I won't have to pay tax on these remittances in India?

No taxes need to be paid on remittances. However, once you become an indian resident (ROR), you would need to pay taxes on income earned abroad (not previously saved amount) including interest on deposits abroad.
But no taxes on remittances.
_____________________________________
A person's mistake is called an experience.

[surfpacifica]

No taxes need to be paid on remittances. However, once you become an indian resident (ROR), you would need to pay taxes on income earned abroad (not previously saved amount) including interest on deposits abroad.
But no taxes on remittances.
_____________________________________
A person's mistake is called an experience.

thanks dbs :thup:This is definitely income earned abroad. I think I have two years before I get ROR status. So, will be paying my taxes the third year.

More updates:

a. Accommodation: I may rent 2BHK (I like my space) at hiranandani powai or something similar: This is probably the only area worth spending the money on. I hope I am not seeing things, but the rent is between 25K-40K (800-1000 sq.ft). Not exactly cheap, but not too bad.

Primary reason to live by myself is control over diet and insanity of relatives. I spent a lot of effort on getting into shape and with mom's cooking, any shape other than a pear is going to be a challenge. Hot tip for diet: I have been drinking five cups of green tea regularly for the past year and a half. Student life lets me do that, but the impact of green tea on fat burn is amazing.

b. Personal Life: This phoren girl, what can I say about her. Been avoiding her for a long time because I was worried about my Ph.D. She seems interested (but what do you expect me to say). She is my type -- very sophisticated, great sense of humor, and emotionally independent - could break my heart and not care, so long as it improves the bottom line. Parents are shockingly cool about it: Its your life, we will support you. So, whats a ship in a harbor good for -- will sail for the high seas and report back on the developments.

c. Actual Move: Not really sure I want to move at the height of the summer. July looks like a better time. Need to sell my car and my iMac - the most expensive things in my possession haha.


thanks to everyone for caring.:thup: