My son got ECE seat in Thapar: Join ECE or go to tier-III for CSE?

Ans: Hello;

It is heartening to see that you are supporting your dad in his difficult phase while the current trend is quite opposite.

Marriage and honeymoon are hardly a year away so you may have manage it through savings from your salary.

You may park your savings in liquid type debt mutual fund to get better return with relatively lower risk and better liquidity.

For other aspects you may plan as follows;
1. Keep amount worth 6-8 months of regular household expenses in liquid or arbitrage funds as Emergency corpus.

2. Buy an adequate term life insurance cover for yourself.

3. Buy adequate healthcare insurance to cover for yourself and your family.

4. Use NPS for retirement planning. Their is NO upper limit to how much you can invest although Income Tax allows deduction of 2 L per year. Select active choice and make maximum allocation to equity while balance to other asset classes.

NPS allows very limited withdrawals before 60.

5. You may use mutual funds for planning all other goals.
Seek help of a MFD for fund selection inline with your risk appetite, financial profile and investment horizon.

Do limited stock trading with a certain fixed amount earmarked as risk capital.
Do not do day trading & FNO.

Avoid MTF.

Happy Investing;