Financial matters – Need Advice

Hi Namish, Investment in RD, is it for any specific financial goal? May I know your financial goals? Do you have dependents? Are you contributing to PPF @ Rs 2.4 Lakh per annum? or is it the accumulated amount? Kindly go through below articles:

• Blocks of Financial Planning Pyramid.
• How to create a solid Investment Plan?
• The 6 most common personal Finance Mistakes.

thanks sree, rd investment are just for accumulation of capital of rs1.5lkh for year 2017,2018,2019 respectively . i have 06 year daughter for her education and marriage i require capital.( for that i have invested sukanya in post office ) 10 year down the line i have to purchase flat in noida, or built a house in dehradun for which i have already accuried a land three years back. my ppf contribution is rs 18000/pm which is deducting from my montly salary. i am also expecting second child in june 2016. for her/his future i have to invest. rgt now i have rs 1.5 lkh which i wana invest for that purpose. salary pa is almost 8 lkh,(after 07 pay commission it would be rs 10 lkh/pa. plz suggest namish

Dear Namish, Savings in RDs for long-term may not be really beneficial. Kindly read: Why one should avoid saving in FDs/RDs for long-term? Sukanya Samriddhi Scheme is a decent debt investment option. You can go through my review : Sukanya Scheme Review & Calculation Examples. Kindly share more details about Aviva plan (Plan name, tenure & commencement date). Is it an ULIP? Do you have any other life insurance policies? What about health insurance cover for self & family? Read: Blocks of Financial Planning Pyramid. House construction & Kid's higher education , both goals have around 10 year time-line. Consider investing in a Balanced Fund + Diversified Equity fund. Ex- HDFC Balanced fund + Franklin Prima plus. Read: Kid's Education goal calculator. Best Equity Funds. List of best Investment options. Is your tax planning taken care of? Is your Section 80C full?

Hi, If the tenure is 10 years then the policy would have got matured by now, right? If you do not have sufficient life cover, your high priority action items are;

• to Buy a Term plan with sufficient life cover
• Consider buying a stand-alone Personal accident cover
• Buy a family floater health plan

Kindly read:

• Best Term insurance plans.
• If life is unpredictable, insurance can't be optional.
• Best Personal Accident Insurance plan
• Evaluate these 11 factors when buying a health plan
• Best Family floater health insurance plans.

 

hi shree, greeting of the day. i have query for my young brother and his wife and 4 yrs old daughter. profile:- he is a small entrepreneur,monthly earning is around 15000 rs,his wife also earn the same amount per month. i am concerned about his future. what step he must take to seal a secure life. he is 36 yrs old wife is 32 yrs ,daughter is 04 yrs.

Hi, Kindly suggest him below action items;

• Create and maintain an Emergency Fund which is around 6 times of monthly living expenses as Cash + FD + liquid mutual fund.
• Both of them can buy a Term insurance plan for say Rs 25 Lakh each.
• Both of them can consider buying a stand-alone Personal accident plan.
• Buy a family floater health insurance plan.
• Can start investing in Sukanya Samriddhi Scheme in daughter's name.

Once they implement these things, based on the income flow they can start investing in Equity funds for retirement goal & kid's education/marriage goals. Kindly ask them to go through below articles;

• Blocks of Financial Planning Pyramid
• Best Term insurance plans
• Best Family floater health insurance plans
• Best Personal Accident insurance plans.
• Sukanya Samriddhi scheme details.