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Ramalingam Kalirajan |10881 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 05, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Vikas on May 05, 2024Hindi

Sir, am 45yrs earning 61k monthly. Another 15years of service. I have a daughter 10yrs old. I want to have a corpus of 1cr at 60. Can u plz suggest how much I should start investing in SIP. My expenses include Lic 15700 for another 3yrs payment Reliance Nippon 36800 for another 4yrs payment Home loan EMI for 21667PM for another 4years Rent paying for 9500 per month Monthly expenses for 15k to 20k per month Income i get Salary 61000 permonth Rent from flat 8300 Plz suggest me to lead peacefull life. Thank u Sir Vikas

Ans: To achieve a corpus of 1 crore at the age of 60, you'll need to start investing in SIPs diligently. Here's a breakdown to help you plan:

Current Monthly Expenses:
LIC: ?15,700 (for 3 years)
Reliance Nippon: ?36,800 (for 4 years)
Home Loan EMI: ?21,667 (for 4 years)
Rent: ?9,500
Other Expenses: ?15,000 to ?20,000
Total Expenses: ?98,667 to ?103,667
Monthly Income:
Salary: ?61,000
Rent from Flat: ?8,300
Total Income: ?69,300
Monthly Surplus:
Monthly Income - Monthly Expenses = ?69,300 - ?98,667 to ?103,667
Monthly Surplus (Deficit): -?29,367 to -?34,367
Investment in SIP:
Since you have a deficit in your monthly surplus, you'll need to adjust your expenses or increase your income to accommodate SIP investments.
Aim to allocate a portion of your surplus towards SIP investments. The amount will depend on your ability to cut expenses or increase income.
To calculate the required SIP amount, you can use online SIP calculators considering factors like expected rate of return, investment horizon, and inflation rate.
Start with a manageable SIP amount and gradually increase it as your income grows or expenses reduce.
Peaceful Life:
Review your expenses regularly and prioritize savings and investments to achieve your financial goals.
Focus on creating an emergency fund to cover unforeseen expenses and protect your financial stability.
Consider consulting with a financial advisor to create a comprehensive financial plan tailored to your specific needs and goals.
Stay disciplined in your financial habits, avoid unnecessary debt, and invest in assets that align with your risk tolerance and investment horizon.

By carefully managing your expenses, increasing your income, and prioritizing savings and investments, you can work towards building a corpus of 1 crore by the age of 60 while leading a peaceful and financially secure life.

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