Hello sir,
My age is 29 married and working in a pharma company. I am totally new to these mutual funds and was confused but somehow I found your blog.
My financial goal is wealth creation (around 20 lakh) and period is 15 years i.e. near 2030-31 .
I have 3.50 lakh in my saving account and want to invest it in Mutual Funds apart from that I am ready for sip of 3000 r.s. monthly. Please guide in which mutual funds I should invest and in which ratio invest in debt funds, and equity fund.
Is it possible with this much sum or I have to add more sum in it. Please guide me, your early feedback would be solicited.
2 Answers
Hi,
May I ask you few questions;
Do you have adequate life & health insurance cover?
Do you have sufficient Emergency fund to meet any unforeseen expenses? (at least 6 times of your monthly expenses).
Kindly go through below article;
http://www.relakhs.com/personal-financial-planning-articles-list/
Hi,
Are you sure that life cover that you have is adequate? (I am referring to sum assured).
Kindly read:
http://www.relakhs.com/insurance-importance-life-health-accident-covers/
http://www.relakhs.com/best-online-term-insurance-plans-india/
Suggest you to first get Term insurance plan, Personal Accident insurance plan and health cover for family.
Read:
http://www.relakhs.com/financial-planning-pyramid-wealth-protection-accumulation-distribution/
You can consider setting up SIPs in an Equity Balanced fund (ex- HDFC Balanced fund) and one diversified Equity fund (Ex- Franklin Prima plus) to start with.
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