Hi Sir,I'm 25 years old and earn 28,000 a month. I have SIPs of 2500 each in Tata digital India fund and Axis small cap fund and around 2,75,000 in Savings account. Please suggest me if I should do modification to my current SIPs or increase my SIP amount and what to do with savings in account. My risk appetite is high as I don't have any expenses and can invest aggressively. Any suggestions would be appreciated. Thanks

Ans: Hello;

If it is exempted pf trust(approved by EPFO and authorised by ITax Deptt.) then it is safe and much better for the employees in terms of cost and hence returns.

In the eventuality of merger or acquisition the pf accounts held by the exempted trust may be migrated to epfo seamlessly as per process.

Most big companies in India have exempted pf trusts.

But ensure to keep a record of your contributions, account details and returns you receive also the rating given to your pf trust by EPFO from time to time.

No need to worry.

Best wishes;

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Ans: You have taken the first step by recognising the need to plan. It’s essential to appreciate your intention to secure your financial future. Let’s look at how you can proceed to achieve your short-term and long-term goals.

Your current take-home salary is Rs 53,000, and your EPF contribution is Rs 4,900. However, you lack savings, investments, and an emergency fund. Here's a step-by-step strategy:

Build an Emergency Fund
Set aside funds to cover at least six months' expenses.

Start by saving 10-15% of your salary monthly into a high-interest savings account.

Use Recurring Deposits or Liquid Mutual Funds to maintain this fund for emergencies.

Secure Yourself with Insurance
Health insurance: Maintain your company health policy but add a personal health policy. Choose a policy offering a sum insured of Rs 10-15 lakh.

Term insurance: Buy a term plan covering 10-15 times your annual income. Keep the policy simple and avoid investment-linked insurance.

Budget Your Income
Allocate your income carefully for expenses, savings, and investments.

Use the 50-30-20 rule: 50% for needs, 30% for wants, and 20% for savings and investments.

Avoid unnecessary expenses to increase your saving capacity.

Start Investing Gradually
Short-term goals (1-5 years): Invest in debt funds or recurring deposits. Debt mutual funds are good for stable returns.

Long-term goals (5+ years): Invest in equity mutual funds for higher returns. Choose actively managed funds with consistent performance.

Avoid index funds. Actively managed funds have a better potential for higher returns through professional fund management.

Retirement Planning
Utilise the EPF for retirement. Your current contribution will grow over time with compounding.

Consider investing in diversified equity mutual funds for additional retirement savings.

Corporate NPS: You can explore NPS for its tax-saving benefits. However, don’t rely solely on it for retirement.

Tax-Saving Investments
Use Section 80C to save taxes up to Rs 1.5 lakh.

EPF, PPF, ELSS mutual funds, and life insurance premiums can qualify under this section.

Opt for ELSS funds for tax saving and wealth creation.

Review Existing Expenses
Evaluate and minimise unnecessary expenditures.

Avoid loans for discretionary spending like vacations or gadgets.

Advantages of Using a Certified Financial Planner
A CFP can help you plan holistically and ensure you stick to your goals.

They provide tailored strategies, ensuring proper fund allocation and monitoring.

Invest through a Mutual Fund Distributor with CFP credentials to access professional advice.

Key Steps for Discipline
Automate investments through SIPs in mutual funds.

Track your monthly budget and investment progress regularly.

Avoid direct funds. Regular funds offer professional guidance and fund distributor support.

Tax Implications
For equity mutual funds, LTCG above Rs 1.25 lakh attracts 12.5% tax.

STCG on equity funds is taxed at 20%.

Debt fund gains are taxed as per your income slab. Consider these while investing.

Final Insights
You are in the right direction by seeking advice now. Build a solid foundation with savings, insurance, and investments. Take small steps toward financial independence.

Remain consistent with your investments, and review your financial plan annually.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: Hi
you have to write the year when you first appeared 12th.

Ans: Hi Shreya
If you are preparing well for JEE MAIN then BITSAT will be easier for you. JEE ADV requires a completely different outlook and approach as it is considered one of the toughest examinations in the world.

In comparison to ADV, the SAT will be very easy for you. But studying undergrad in USA is a very costly affair, if finances are no issue for you then you can go ahead with it.

Recently BITS campuses have started integrated programs with foreign universities wherein you study 2 years in India & 2 years abroad.

Providing a complete road map is not possible here, but I must say that for JEE MAIN sticking to NCERT & PYQs will be very helpful to you.

Ans: Hi Sudhir
don't worry about the placements first. Ask your son to build a good portfolio in engineering. Work on projects in & out, present papers, participate in workshops of coding etc. Even if not many companies visit the campus or lower average package these skills will make him sail through the career. 1st year may be a bit hard for him after placements but with these skills & knowledge, he will shine wherever he goes.

If he clears his dream of NDA or SSB then there is no issue.

All the best.