Hi,
Iam Aadi from kerala. I am a marine engineer by profession aged 32.
First of all i would like to appreciate you for the steps taken by you to make us aware of these financial products in an easy and understanable way.
I possess the following funds.
BSL frontline equity-G ( sip amount 3000)
BSL MNC fund-G ( 1000)
Franklin india Prima plus-G( 1000)
Franklin india prima fund -G(2000)
Franklin blue chip fund - G(2000)
HDFC Mid cap opp- G(3000)
ICICI pru focussed bluechip -G (5000)
ICICI Balanced fund -G(3000)
ICICI pru value discovery -G( 2000)
ICICI top 100-G (2000)
L&T india large cap-G (2000)
Reliance equity opportunityG(2000)
SBI emerging business fund -G(2000).
Like most of the people i was also not much into the investment area until marriage. While going through your blogs got knowledge of mutual funds and the need to start investing in it to overcome the inflation. Had started these funds with an aim of wealth creation in long term ( specially for daughters marriage and my retirement).
Till now in mutual funds my deposit is around 15 lakhs and it has grown to 19 lakhs. Would like to know whether i should restructure my portfolio or continue with this. i would like to retire at the age of 50. My daughter is in LKG and already have an RD of rs 7000 running. Had started this rd for 100 months. By the time she attains 9 years it will mature and will get 10 lakhs in hand. this amount I am planning to use it for her schooling.
I have a term insurance of 1cr from aegon and don't have a medical coverage as me, wife and kid is covered under the corporate plan which my wife possess. i have an emergency fund of around 3 lakhs in liquid fund.
I would like to purchase a plot of 80,00,000 within next 3 years. i would like to take bank loan for the entire amount so that i don't disrupt my mutual fund holdings. Would like to know from u whether my decision regarding loan is right and whether my financial planning is in order and is it necessary that i should make any further changes.
Regards
Aadi
1 Answers
Dear Aadi,
Appreciate your interest to plan and organize your personal finances!
1 - You have 13 Schemes in you MF portfolio, which I believe have to be trimmed to may be 3 to 4 funds. Suggest you to kindly check portfolio overlap among these funds.
For example : You have invested in 5 Schemes which belong to Large-cap oriented. So, there are very high chances that the overlap among these funds can be high and you may drop 3 to 4 funds from your portfolio.
Kindly read:
http://www.relakhs.com/mutual-fund-portfolio-overlap-comparison-tools/
http://www.relakhs.com/best-mutual-fund-scheme-risk-ratios/
http://www.relakhs.com/best-mutual-fund-schemes-2017/
2 - Do you have Personal Accident insurance plan?
3 - Kindly do not depend on entirely on Employer provided group health cover. Suggest you to buy a stand-alone family floater plan.
Read:
http://www.relakhs.com/employer-based-health-insurance-plans-vs-individual/
http://www.relakhs.com/best-family-floater-health-insurance-plans-details-checklist-comparison/
4 - If you believe that you have adequately planned for your Retirement & Kid's education / marriage expenses goals, you may plan for property purchase, else suggest you to post-pone buying it.
Kindly read:
http://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
http://www.relakhs.com/calculate-kids-education-goal-amount/
http://www.relakhs.com/personal-financial-planning-articles-list/
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