Dear sir, thanks a lot for providing such a useful blog covering all aspects of personal finance.i am 31 yrs old having 9 yrs daughter and 2 yrs son. i do not have any specific liability in near future.my pay is 50k pm gross
- I plan to invest 12-15k pm for 15 years in direct schemes for daughters marriage and son education after 15 yrs. my risk appetite is .high.both goal will be required at same time . shall i make two portfolio or one? pls suggest portfolio funds n its allocation.
- i am defence personal so life time pension. life insured 25 lac cover compulsory premium of 485 risk+1200 saving element,medical facilities for me n dependents free. do i need to have term insurance plan? retirement plan??
- i am depositing 10k in PF acct. shall i reduce it and invest more in SIP due to low return?
- i have 7 lac in PF which i can withdraw upto 70%. shall I invest it in to lum psum MF as returns are low in PF.
- i am depositing 2k in sukanya yojna since 2015. also i invest 2-5k additionally when have surplus amt. shall i make it 1000rs pm and invest remaining amt in small-mid cap MF for long term or increase in sukanya.
- i took SBI LIFE SCHOLAR 2 PLAN in 2010 for girl child .premium is 20000 per annum for 15yrs. sum assured is 3lac. agent told me maturity amt appx 8 lac n will be paid in 4 installments when my daughter attains age of 18,19,20,21 yrs. shall i surrender this n start utilise this amt in MF or paid up or continue it?
- also i took a plot worth 10lac for wealth creation in 2013. there is no growth in 4 yrs. should i sell this and invest in MF lump sum or keep it for future hope? also tax complexity if any if I invest such a big amt in one time. though i am salaried person n fill my tax every year.
- also i am planning to purchase a car appx 7-8 lac in next 5-7 yrs. shall i prefer car loan at that time or take it a financial goal n start a medium term SIP PORTFOLIO?
3 Answers
Hi,
1 - Yes, you may try buying a Term insurance plan.
2 - You may continue to hold your PF account and may contribute minimum amount going forward.
3 - Same as above regarding Sukanya Samriddhi Account.
4 - SBI Life Scholar is a money back plan. Suggest you to make it up a PAID-UP one after buying a Term plan.
Kindly read :
https://www.relakhs.com/traditional-life-insurance-plan/
https://www.relakhs.com/best-online-term-insurance-plans-india/
5 - I can not comment on your investment in real estate, as I do not know about the location and other parameters.
6 - You prioritize your goals as Retirement planning, Kid's education planning and Car purchase.
Kindly go through below articles and you may revert to me, with your analysis ;
https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
https://www.relakhs.com/calculate-kids-education-goal-amount/
thnx for replying fast sir
1 planning to buy aegon term insurance.
2. also looking fwd to reduce PF and sukanya subscription.
3. should i make SBI SCHOLAR 2 PAID UP or surrender it n invest in MF lumpsum what u suggest.
4. also pls suggest to take car loan or i should start a investment for it after 4-5 yrs
5. most importantly i have done homework with both calculators and make 3 goals: (a) 5K per month for 30 yrs for my retirement (b) 5K per month for 25 yrs and(c) 10K per month for 15 yrs for kids education n marriage. please suggest best portfolios for above mentioned three goals.
6. any suitable n easy way with procedure to invest online with single plateform in direct plans. i am new for this
thnx n regards
Also, kindly read :
https://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/
Hi,
1 - If I am in your place, I will surrender SBI policy and re-invest the amount in equity mutual funds for long-term goals.
2 - If you are able to save adequately for your high priority goals like Retirement / Kid's education and if you still have disposable income (investible surplus) you may start investing in an Equity oriented Balanced fund for next 4 to 5 years - for Purchase of Car.
3 - You may pick mutual funds from my best equity funds list ;
https://www.relakhs.com/best-mutual-fund-schemes-2017/
https://www.relakhs.com/best-mutual-fund-scheme-risk-ratios/
https://www.relakhs.com/mutual-fund-portfolio-overlap-comparison-tools/
4 - For Direct plans, you may consider MF Utility online platform (its MF industry sponsored one).
Kindly read :
https://www.relakhs.com/mutual-fund-direct-plans-vs-regular-plans/
https://www.relakhs.com/mfutility-invest-direct-plans-mutual-fund-schemes-online/
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