Hi Sir . I am a 34-year-old man with a monthly income of 1.4 Lakh. I have a 1-year-old son. I haven't invested in mutual fund investments before and seek your guidance on how much to invest and in which mutual funds. My financial goals are as follows: Accumulate atleast 6 crores before retirement (in the next 20 years). Save atleast 1-2 crore for my son's higher education in the next 20 years. Set aside atleast 50 lakhs for my son's marriage in the next 25 years. My current investments include: PPF - 1.5 Lakhs per annum for the last 5 years. NPS - 50000 per annum for the last 3 year. ULIP - 1.2 Lakh per annum for last 1 year One SBI scheme - 1.2 Lakhs per annum for last 3 years My wife is also working with monthly income of 1.4 Lakhs. I would greatly appreciate your advice on how to structure my mutual fund investments to achieve these goals. Thank You.
Ans: It's commendable that you're planning ahead for your family's future. With clear financial goals and a steady income, you're already on the right path. Given your aspirations, mutual funds can play a pivotal role in achieving these milestones.
For your retirement goal of accumulating 6 crores in 20 years, systematic and disciplined investing will be key. Similarly, for your son's education and marriage funds, a structured approach can make a significant difference.
Considering your current investments in PPF, NPS, ULIP, and other schemes, mutual funds can complement these by offering diversification and potential growth opportunities. A Certified Financial Planner can help you tailor an investment strategy aligned with your goals, risk tolerance, and time horizon.
Remember, investing is a journey, not a race. It requires patience, diligence, and periodic review. By investing wisely and staying committed to your goals, you can pave the way for a secure and prosperous future for your family. Best wishes on your financial journey!
Asked on - Apr 25, 2024 | Answered on Apr 25, 2024
ListenThanks you Sir,
I am based out in Pune but totally confused how to select a good CFP. Can you please help me in this like where to look for .
Also , can you also suggest Mutual Funds which I can invest in on monthly basis and how much.
Thank You
Ans: Please search for "online financial planning & Retirement planning services with a Holistic Approach" in Google and then follow the below steps with the results.
Research: Start by researching reputable brokerage firms that offer mutual fund advisory services. Look for firms with a strong track record, experienced financial advisors, and a range of services tailored to your needs.
Consultation: Schedule a consultation with the brokerage firm to discuss your financial goals, risk tolerance, investment preferences, and other relevant factors. This initial meeting will help the advisor understand your needs and recommend suitable investment strategies.
Advisory Services: Once you've selected a brokerage firm, the advisor will work with you to develop a personalized mutual fund investment plan. They will recommend specific funds based on your financial objectives and provide ongoing guidance to help you navigate the market.
Regular Reviews: Schedule periodic reviews with your advisor to assess the performance of your mutual fund investments, review changes in your financial situation, and make any necessary adjustments to your investment strategy.
By following these steps, you can access the expertise of professional brokerages to assist you in financial planning and investment management.