Hi,I am Anath Bandhu Gayen. I am 28 years old. My education qualification is higher secondary pass. I am working in a bank as a casual outsourcing staff (RBO-II,SBI Bank). I am learning English language. My income is 8000 rupees per month. I want to be rich what can I do?

Ans: I appreciate your determination to improve your financial situation. At 18, you have time to build a strong foundation for your future. Below is a step-by-step guide to help you move toward financial stability and eventually achieve wealth.

1. Focus on Education and Skill Development
Since you are studying commerce, learn practical skills in finance, business, and entrepreneurship.
Improve your English, communication, and problem-solving skills.
Consider free online courses in business, marketing, and technology. Websites like YouTube, Udemy (free courses), and Coursera can help.
2. Choose a Career or Business Path
You have two main paths: Job (Career) or Business (Entrepreneurship).

A) Career Path – Get a Job and Earn First
After 12th, choose a degree that gives good job opportunities, like B.Com, BBA, CA, or digital marketing.
If college is expensive, learn job-oriented skills like coding, graphic design, video editing, or freelancing.
Work part-time while studying to gain experience and earn money.
B) Business Path – Start Small & Grow
Since you are from an agricultural background, you can start a small agribusiness like organic farming, dairy farming, or selling farm products online.
If you are interested in business, learn about dropshipping, affiliate marketing, or e-commerce (Amazon, Flipkart, etc.).
Start a side hustle, like reselling products, tutoring students, or working as a freelancer.
3. Earn and Save Money
Once you start earning, save at least 20-30% of your income.
Avoid spending on unnecessary things like expensive clothes, gadgets, or parties.
Keep an emergency fund for unexpected expenses.
4. Invest and Grow Your Wealth
Once you save some money, invest in mutual funds and stocks for long-term growth.
Start small and learn about investing before putting in large amounts.
Avoid scams and get-rich-quick schemes. Wealth takes time to build.
5. Stay Mentally Strong and Keep Learning
Tough times don’t last forever. Stay positive and work hard.
Read books about successful entrepreneurs and financial management.
Surround yourself with people who support and motivate you.
Final Thoughts
Focus on learning and developing practical skills.
Start earning through a job or business.
Save and invest wisely to grow wealth over time.
Stay patient and disciplined. Success takes time.
Your journey may be difficult, but with the right mindset and consistent effort, you can improve your financial situation.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: You are already taking disciplined steps. That shows your maturity. You are investing through RD and SIP. You also manage home and car EMIs. You are 36 now. It is a great age to build long-term wealth. With some adjustments, you can build a strong financial future.

Let’s look at your situation deeply and in detail. We will take a 360-degree view.

Present Financial Snapshot
Your in-hand income after all EMIs is Rs. 60,000.

You invest Rs. 10,000 in RD monthly.

You invest Rs. 12,000 in mutual fund SIP monthly.

You are 36 years old. That gives you over 20 years to invest.

Appreciate Your Current Habits
You are doing disciplined monthly saving.

You are not spending everything you earn.

You are investing regularly in SIPs. That builds good wealth.

RDs Are Safe but Low in Growth
RDs give fixed interest. They do not beat inflation in the long run.

You pay tax on the interest. That reduces your real return.

Too much RD may slow your wealth creation.

Keep RD only for short-term goals. Like insurance premium or school fees.

SIPs Are Powerful When Done Right
SIPs in mutual funds are growth-friendly.

They work best for long-term wealth building.

SIPs also manage market risk through cost averaging.

Avoid SIPs in index funds. Index funds do not adjust for market changes.

Index Funds vs Actively Managed Funds
Index funds are low cost. But they are unmanaged.

They do not change allocation in bad times.

They follow the market passively. No expert adjustments.

Actively managed funds are handled by trained professionals.

They can shift holdings if sectors fall.

For wealth creation, actively managed funds are better than index funds.

Direct Funds vs Regular Funds
Direct funds seem cheaper. But they miss personal help.

You do not get regular review or support.

You may not switch schemes on time.

Regular funds through a Certified Financial Planner help correct mistakes.

A CFP watches your goals and guides you in tough markets.

For long-term wealth, choose regular funds via a CFP-led distributor.

Debt vs Investment Balancing
You have housing and car loans. Both are EMIs you must honour.

Do not prepay home loan too early. Use that money for investment.

Prepay car loan only if interest is high. Else let it run.

Avoid taking more loans now. It adds pressure.

Reduce any credit card use. Pay in full each month.

How to Allocate Rs. 60,000 Wisely
You already invest Rs. 22,000.

Continue Rs. 12,000 SIP. That must stay intact.

Review your RD. Shift Rs. 5,000 from RD to mutual funds.

Keep remaining Rs. 5,000 of RD for short-term needs.

If possible, start a new SIP of Rs. 5,000 in a goal-based fund.

Emergency Fund Must Be Built Separately
Keep Rs. 1.5–2 lakhs for emergencies.

Use a sweep-in account or liquid fund.

This gives peace during job loss or health issues.

Don’t mix emergency funds with investment funds.

Risk Protection is Non-Negotiable
Buy a pure term insurance. Cover 10–15 times your income.

Do not mix investment and insurance.

Avoid endowment, ULIPs, or money-back policies.

If you already hold LIC or ULIP, assess their returns.

If poor, surrender them and shift to mutual fund investments.

Health Insurance is Essential
Don’t depend only on employer’s health plan.

Buy a family health cover of minimum Rs. 5 lakhs.

Add top-up health plan if budget permits.

Health insurance protects your wealth during illness.

Goal-Based Investment Planning
Create clear goals. House upgrade, children’s education, retirement.

Assign separate SIPs for each goal.

Long-term goals can take equity-based mutual funds.

Short-term goals must stay in debt funds or RDs.

Taxation Awareness is Needed
Equity mutual fund gains above Rs. 1.25 lakh are taxed at 12.5%.

Short-term equity gains are taxed at 20%.

Debt mutual fund gains are taxed as per your income tax slab.

Plan redemptions smartly to reduce tax burden.

Retirement Must Be a Priority
Start a separate SIP for retirement goal.

You have 24 years before age 60. That is a huge asset.

Compounding works best when time is long.

Review the retirement corpus every 3 years.

Keep Monitoring Your Progress
Review investments once in 6 months.

Discuss with a Certified Financial Planner for guidance.

Don’t change schemes due to short-term returns.

Stay focused on goals, not on markets.

Avoid These Common Mistakes
Don’t over-invest in RDs or fixed deposits.

Don’t skip SIPs during market falls. That is when wealth builds.

Don’t take advice from unqualified sources.

Don’t invest in insurance plans with returns.

Don’t delay term insurance or health insurance.

Use Your Bank Job Smartly
You understand financial products. Use that for goal planning.

But still seek expert help from a CFP for objective advice.

Don’t let product-selling pressure affect your personal portfolio.

Lifestyle Control Helps Savings
Increase SIP amount every year by 10–15%.

Avoid lifestyle inflation. Big car, expensive gadgets, unnecessary upgrades.

Save first. Spend later.

Finally
You are already 40% on the right path.

Shift RD money gradually to mutual fund SIPs.

Avoid direct funds. Use regular plans via a CFP-led advisor.

Avoid index funds. They don’t offer expert control in tough markets.

Separate your emergency fund from investments.

Keep increasing your SIPs with every increment.

Prioritise retirement. Secure your future first, before helping others.

Continue with patience and discipline.

Wealth creation is not about speed. It’s about staying consistent.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment