Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Sanjib

Sanjib Jha  |66 Answers  |Ask -

Insurance Expert - Answered on Apr 13, 2023

Sanjib Jha is the CEO of Coverfox Insurance. His expertise includes health and auto insurance. He has over 22 years of experience in the financial sector. He has completed his post-graduation from the Institute of Company Secretaries of India.... more
Phani Question by Phani on Mar 25, 2023Hindi
Listen
Money

Sir, I am 65 years old. Visiting USA for 6 months to be with my son. I am a cardiac patient. Would like to know about health insurance policy during my stay at USA which covers procedures like angioplasty/ heart surgery and premium if any.

Ans: Health insurance plans bought in India are designed to cover the insured of their health expenses within the country itself.
Hence, if you are traveling to USA then we would recommend you to purchase a travel policy accordingly to cover any medical emergencies.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
Money

You may like to see similar questions and answers below

Ramalingam

Ramalingam Kalirajan  |8449 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jun 18, 2024

Asked by Anonymous - Jun 11, 2024Hindi
Money
I am 70 years old. I will be visiting UK for 6 months to be with my son. I am a heart patient. Would like to know about the best health insurance policy during my stay in UK which would cover procedures like angioplasty/ heart surgery and the premium I will have to pay for buying such a mediclaim.
Ans: It’s wonderful that you’ll be spending time with your son in the UK. Considering your heart condition, securing comprehensive health insurance is essential. This guide will help you understand your options and the best approach to finding suitable health insurance for your stay.

Understanding Your Insurance Needs
Coverage for Heart Conditions
Given your heart condition, it’s vital to have coverage for cardiac procedures like angioplasty and heart surgery. Not all travel insurance policies provide this, so you'll need a specialized plan.

Duration of Stay
Since you'll be in the UK for six months, you require a long-term travel health insurance policy. Most standard travel insurance policies cover shorter trips, so ensure your policy matches your duration of stay.

Pre-Existing Conditions
Pre-existing medical conditions can complicate insurance coverage. Ensure the policy explicitly covers pre-existing conditions like heart disease to avoid any claim rejections.

Types of Health Insurance Policies
Travel Health Insurance
Travel health insurance is designed for travelers and provides coverage for medical emergencies, including hospitalization, surgeries, and sometimes even follow-up treatments.

International Health Insurance
International health insurance offers more comprehensive coverage, often similar to domestic health insurance plans. These plans are suitable for extended stays abroad and cover a wider range of medical services.

Specialized Senior Citizen Plans
Some insurance companies offer specialized plans for senior citizens, including those with pre-existing conditions. These plans might be more expensive but provide necessary coverage tailored to seniors.

Evaluating Health Insurance Plans
Coverage
Ensure the policy covers:

Hospitalization
Surgeries, including angioplasty and heart surgery
Doctor consultations
Prescription medications
Emergency medical evacuation
Network Hospitals
Check if the insurance plan has a network of hospitals in the UK. Network hospitals often provide cashless treatment, reducing out-of-pocket expenses.

Claim Process
The claim process should be straightforward and efficient. Look for insurers with a reputation for quick claim settlements.

Premium Costs
The premium cost will depend on factors like age, medical history, and coverage. Get quotes from multiple insurers to compare premiums and benefits.

Steps to Secure the Best Health Insurance Policy
Research and Compare
Start by researching different insurance providers and their plans. Use comparison websites to evaluate policies based on coverage, premiums, and customer reviews.

Contact Insurance Providers
Speak directly with insurance providers to clarify coverage details, especially concerning pre-existing conditions like heart disease. Ask about exclusions and limitations.

Read the Fine Print
Carefully read the policy documents to understand what is covered and what is not. Pay attention to terms related to pre-existing conditions and medical emergencies.

Seek Professional Advice
Consult a Certified Financial Planner (CFP) who specializes in health insurance for international travelers. They can provide personalized advice based on your specific needs and medical history.

Insurance Providers to Consider
Comprehensive Coverage Providers
Look for insurance providers known for offering comprehensive coverage, including major medical procedures. These providers often have plans tailored for long-term stays and senior citizens.

International Insurers
Some international insurers specialize in expatriate health insurance, offering extensive networks and comprehensive coverage. They understand the needs of international travelers and provide suitable plans.

Domestic Insurers with International Plans
Many Indian insurance companies offer international travel health insurance plans. These plans are designed for Indians traveling abroad and provide coverage for medical emergencies and pre-existing conditions.

Additional Considerations
Medical History and Documentation
Keep detailed medical records handy. Insurers may require a thorough medical history and recent health check-ups. Providing accurate information ensures appropriate coverage.

Emergency Assistance Services
Choose a policy that includes 24/7 emergency assistance services. These services can help with hospital admissions, medical evacuations, and coordination with local healthcare providers.

Renewal and Extension Options
Check if the policy offers easy renewal or extension options. This is crucial if your stay extends beyond six months or if you plan to travel again in the future.

Case Study: Example Scenario
Scenario
Mr. Sharma, a 70-year-old heart patient, plans to visit the UK for six months to be with his son. He needs health insurance covering procedures like angioplasty and heart surgery.

Approach
Research and Comparison:

Mr. Sharma starts by researching various health insurance plans. He uses online comparison tools to evaluate coverage, premiums, and reviews.
Contacting Providers:

He contacts several insurance providers to discuss his specific needs. He asks detailed questions about coverage for heart conditions and pre-existing conditions.
Consulting a CFP:

Mr. Sharma consults a Certified Financial Planner specializing in health insurance for seniors. The CFP helps him understand the nuances of different plans and recommends a few suitable options.
Reviewing Policy Documents:

Mr. Sharma carefully reads the policy documents of the shortlisted plans. He pays attention to exclusions, limitations, and the claim process.
Selecting the Plan:

Based on the advice from his CFP and his own research, Mr. Sharma selects a plan that offers comprehensive coverage, including hospitalization, surgeries, and emergency medical evacuation.
Finalizing the Purchase:

He finalizes the purchase by submitting necessary medical documents and completing the application process.
Outcome
Mr. Sharma secures a health insurance policy that covers his heart condition, ensuring peace of mind during his stay in the UK. He benefits from comprehensive coverage, a straightforward claim process, and 24/7 emergency assistance services.

Final Insights
Securing the right health insurance policy for your six-month stay in the UK is crucial, especially with your heart condition. Focus on finding a policy that offers comprehensive coverage, including hospitalization, surgeries, and emergency medical evacuation. Consult a Certified Financial Planner for personalized advice and carefully read the policy documents. With the right insurance plan, you can enjoy your time with your son without worrying about medical expenses.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Latest Questions
Ramalingam

Ramalingam Kalirajan  |8449 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 16, 2025

Asked by Anonymous - May 16, 2025
Money
I am a 35-year-old single woman working in the IT sector with a monthly income of 1.2 lakh and moderate savings of Rs 5 lakh. I am investing 10k per month in SIPs. I want to start planning for early retirement and possibly buying a home. Should I continue to invest in SIPs or something else?
Ans: At 35, you are in your asset building years.

Your income of Rs. 1.2 lakh monthly gives you a strong base to build wealth.

Being single gives you more flexibility in financial decisions.

Planning early retirement is a mature step. Many delay this thought.

You already invest Rs. 10k monthly. That shows good discipline.

Your savings of Rs. 5 lakh is a good start. But needs enhancement.


Retirement Planning Clarity
Early retirement needs higher corpus. Time to plan backward.

You must fix a retirement age. Also fix annual income needed post-retirement.

Factor inflation in lifestyle costs.

Consider medical costs too. Inflation is high in health sector.

Retirement planning works better when done with multiple buckets.

Equity, debt, contingency, and health must work together.

SIP as a Wealth Building Tool

SIP is a smart and proven method.

Continue your Rs. 10k SIPs. But increase when income grows.

SIP gives rupee cost averaging. That reduces entry timing risk.

SIPs offer compounding when held long.

Avoid index funds. They copy index. They lack human intelligence.

Index funds perform average. They don’t beat market.

Choose actively managed funds. They aim better returns.

Pick regular plans via MFD guided by CFP. It adds value.

Direct plans lack guidance. It becomes DIY investing.

DIY investing may create confusion and mistakes.

Regular plans come with expert hand-holding.

CFP-driven guidance keeps your portfolio aligned to goals.

Cash Flow Management and Budgeting

Your rent is stable. Expenses are under control.
Groceries and bills total Rs. 16k. You save well.
You should track monthly spending patterns.

Try to save at least 30% of your income monthly.

Automate savings. Do SIPs right after salary credit.

Create a simple budget. Set targets on each spending head.



Watch for lifestyle inflation.



Don’t let spending rise with income.



Direct bonus or hikes to increase investments.



Emergency Fund and Protection Planning

Keep 6 months’ expenses as emergency fund.



Include rent, groceries, bills, and SIPs in this amount.



It should stay in liquid funds or savings account.



Avoid using equity or SIPs for emergencies.



Buy health insurance. Don’t depend only on employer cover.



Health cover must be minimum Rs. 10 lakh.



Upgrade later to super top-up if needed.



Buy term insurance too. Even if no dependent, it helps future planning.



Goal Clarity: Early Retirement and Home

Don’t mix home buying and retirement corpus.



Separate goals need separate plans.



Decide which is priority – early retirement or home.



If home is first, allocate budget.



Keep EMI within 35% of your income.



Avoid loans that eat into SIP potential.



If early retirement is top goal, delay home purchase.



Use rent benefit to invest more.



Don’t lock money in real estate. It reduces liquidity.



Real estate gives poor returns post inflation and tax.



Investment Portfolio Strategy

Rs. 5 lakh savings can be deployed in mutual funds.



Don’t keep in idle accounts unless it’s emergency fund.



Allocate 70% to equity mutual funds. 30% to debt mutual funds.



This gives stability and growth.



Use actively managed equity mutual funds.



Choose multi-cap, large-mid, and flexi-cap categories.



Use short duration debt funds for debt portion.



Review portfolio yearly. Don’t churn often.



Always assess risk tolerance before allocating.



Take guidance from a CFP. Not self-made decisions.



DIY investing often lacks proper risk management.



Tax Optimisation Strategy

Use Section 80C to save tax.



ELSS funds help tax savings with wealth creation.



Avoid locking money in tax-saving FDs.



ELSS has lock-in but gives better returns than PPF.



Invest in NPS if retirement is key goal.



NPS gives extra benefit under Sec 80CCD(1B).



Review tax-saving options every year.



Don’t use insurance as investment.



Avoid ULIPs or traditional endowment plans.



These give poor returns after inflation.



They mix insurance and investment. That harms both.



Keep insurance and investment separate.



Behavioural Discipline and Investment Psychology

Early retirement needs patience.



Stay invested in SIPs. Avoid stopping in market falls.



Don’t check daily returns.



Judge mutual funds by long-term performance.



Avoid reacting to market noise.



Trust the long-term power of equity.



Follow your plan. Don’t follow trends.



Stay away from hot tips and penny stocks.



Don’t let emotions control money decisions.



Behavioural mistakes reduce long-term wealth.



Stay connected with a Certified Financial Planner.



Periodic Goal Review and Adjustments

Do yearly review of all goals.



Adjust your SIPs if salary increases.



Shift risk as you age.



Equity exposure must reduce near retirement.



Review funds performance once a year.



Rebalance portfolio if needed.



Align portfolio with goal time horizon.



Maintain documents and records.



Track insurance, SIPs, tax, and net worth yearly.



Finally

Continue SIPs and increase it to Rs. 20k monthly.



Keep emergency fund ready. Buy health and term insurance.



Prioritise retirement over house for now.



Don’t mix investment with insurance.



Avoid index funds and direct funds.



Use regular mutual funds via MFD with CFP guidance.



Review plan yearly with a Certified Financial Planner.



Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

...Read more

Ramalingam

Ramalingam Kalirajan  |8449 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 16, 2025

Asked by Anonymous - May 15, 2025
Money
Hi Guruss, Good evening to all of you, I'm 31 yr old. I have made some risky investments, 90k in MF, and 23.4 L in stocks. I am unmarried with no loans, i live in rented house whose rent in 22k, expenses are 16k a month grocery + bills, no medical liability for now, I want to attain financial freedom as soon as possible. What would be your guidance to achieve goal of 3cr in next 5-6 yrs. Kindly suggest.
Ans: You are 31 and investing early. That is a big advantage.

You also have no loans. That gives you freedom.

You aim to reach Rs. 3 crore in 5–6 years. This is bold but possible with discipline.

Let’s break this down step-by-step with a detailed plan.



Assessing Your Present Financial Situation

Your total investments are around Rs. 24.3 lakhs.



Your monthly rent is Rs. 22,000. Your living expenses are Rs. 16,000.



This means your basic expenses are Rs. 38,000 monthly.



If you earn Rs. 1.5 lakhs or more, you can save over Rs. 1 lakh monthly.



Your current portfolio is high-risk, tilted toward equity and stocks.



This is fine for wealth creation, but you need balance too.



High growth needs high returns. But without control, it may backfire.



Goal of Rs. 3 crore in 5–6 years means you need sharp returns and focused investing.



Understanding the Goal More Clearly

Rs. 3 crore in 5–6 years is an ambitious target.



For this, you need both high savings and high returns.



Even a 20% return won’t be enough unless you save big.



So, it’s not just investing, saving aggressively is the key.



We will also need to reduce lifestyle inflation in the meantime.



You have no dependents. This is the right time to take calculated risks.



But don’t go too aggressive in stocks without a strategy.



Crafting Your Ideal Saving Pattern

Save at least Rs. 1 lakh every month for this goal.



Avoid buying gadgets or unnecessary upgrades in lifestyle.



Review all monthly spending. Cut what is not useful.



Put a target on fixed savings. Make it automatic through SIPs.



Track your income and expenses every week or every month.



Even saving Rs. 1.2 lakh per month with 14% returns helps you hit the target.



Building a Solid Investment Structure

Your equity holding is already large. Now bring structure to it.



You need a balanced mutual fund portfolio now.



Mix large cap, flexi cap, and small/mid cap categories.



Avoid sector funds or thematic bets now. They bring uneven risk.



Avoid direct stocks if you lack regular review time and market knowledge.



Stick to regular mutual funds. They offer better guidance and review by experts.



Direct mutual funds lack the advisory edge. Regular plans via Certified Financial Planner are better.



A Certified Financial Planner also helps align your risk to your goals.



Regular plans are better for most investors aiming for financial freedom.



Avoid index funds. They don’t generate alpha during sideways or falling markets.



Actively managed funds outperform in such conditions with better allocation.



Do not depend only on equity stocks. Add mutual funds for consistency.



Don’t invest in annuities. They are illiquid and give poor returns.



Avoid FDs too. They are not tax-efficient and will not beat inflation.



Instead, invest with a proper asset allocation model.



Insurance and Emergency Planning

You have no medical liabilities today. Still, take a health insurance policy.



A single health event can disturb your entire goal planning.



Buy a term insurance policy too. It’s cheap at your age.



Protecting your income is as important as growing it.



Emergency fund is not visible in your current setup.



Keep at least Rs. 2–3 lakhs in a separate liquid account.



Do not use equity for emergencies. Use savings account or liquid funds.



Review Your Stock Portfolio Now

Rs. 23.4 lakh is in stocks. You need to analyse them deeply.



Check if they are quality companies with strong balance sheets.



Exit the ones that are speculative or not performing.



You can shift some of this money into mutual funds slowly.



That way, you reduce risk while keeping return expectations realistic.



Get help from a Certified Financial Planner to review your stock list.



Emotional attachment to stocks should be avoided.



Stick with companies that have strong earnings visibility and leadership.



Track quarterly results of stocks. Act fast if fundamentals worsen.



Planning Your SIP Strategy for Wealth Growth

Monthly SIPs are your biggest weapon now.



Begin Rs. 1 lakh SIP in a structured mutual fund portfolio.



Divide across flexi cap, large and mid cap, and small cap.



Avoid NFOs or new funds. Stick with consistent performers.



Set SIP date closer to your salary date to avoid spending temptations.



Review funds once a year. Don’t change them every few months.



Stick to long-term winners and remove underperformers after two years.



Use STP (Systematic Transfer Plan) if you have lumpsum in savings.



Tax Efficiency Matters

Keep taxes in mind while redeeming funds in future.



LTCG from equity funds above Rs. 1.25 lakh is taxed at 12.5%.



STCG from equity funds is taxed at 20%.



For debt funds, all capital gains are taxed as per your tax slab.



Plan redemptions based on tax calendar and goal timelines.



Don’t let taxes eat your compounding advantage.



Asset Allocation Strategy for Long-Term

Do not keep all money in one basket.



At least 10% should be in safe liquid assets.



Keep 70–80% in mutual funds across categories.



Balance the rest in short-term instruments for liquidity.



Gold should be avoided for this particular goal. It is not growth-friendly.



Real estate is not recommended. High ticket size and low liquidity are issues.



Regular Portfolio Review Is Must

Review your full portfolio once every six months.



Rebalance if one asset grows too large or underperforms badly.



Track goals, savings, investments, and expenses every quarter.



Don’t chase returns. Stick with plan and discipline.



Take support of a Certified Financial Planner to help you stay on track.



Building Multiple Income Streams

You are young. Explore second income streams.



Freelance work, weekend projects or consulting can help boost savings.



These incomes should go directly into SIPs or investments.



Avoid spending extra income. Let it power your wealth engine.



Build income streams around your skills or hobbies.



Finally

You are starting at the right time. That itself is a great asset.



You have no loans, no major expenses, and full freedom to save.



But without structure, your efforts may not give results.



Bring discipline, monthly saving habits, and smart investing.



Rs. 3 crore in 5–6 years is tough, but not impossible.



Use mutual funds wisely. Review stocks. Control lifestyle inflation.



Avoid index funds, annuities, and real estate.



Avoid direct mutual funds. Choose regular funds through a CFP for better tracking.



Take health cover and build emergency fund.



Keep working towards this goal with patience and monitoring.



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

...Read more

Ramalingam

Ramalingam Kalirajan  |8449 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 16, 2025

Asked by Anonymous - May 15, 2025
Money
Dear sir, I am currently 21 about to turn 22, I have savings of 4 lakhs which is invested in share market and can't be taken out. My monthly salary is 1 lakh. I want to accumulate 10 lakhs by next year for my sister's wedding. Is there any saving method that I could use to accumulate that much amount?
Ans: You are doing quite well at your age.

At 21, earning Rs. 1 lakh per month is a very good start.

Also, having Rs. 4 lakhs already invested shows good financial discipline.

Wanting to save for your sister’s wedding is a noble goal.

Let us now plan how you can build Rs. 10 lakhs in 12 months.

We will assess this from all angles.

We will keep the plan simple, practical and focused.

Understand Your Savings Target Clearly

You want to save Rs. 10 lakhs in 1 year.

That means around Rs. 83,000 per month.

This is more than 80% of your salary.

This will be tough, but not impossible.

You must be ready to sacrifice lifestyle for one year.

This is the first mindset shift needed now.

Review Your Current Income and Expenses

Let us understand where your salary goes.

Take a notebook. Write monthly fixed expenses.

Include rent, food, travel, phone bills, etc.

Also write any subscriptions or online spends.

Check how much is left after all this.

That leftover is your monthly surplus.

You need to increase this surplus to Rs. 80,000 or more.

You must track this every single month without fail.

Use a simple budget sheet if you want.

Cut Non-Essential Expenses Aggressively

You are young. Social life may demand spending.

But for this one year, keep expenses very low.

No online shopping unless fully needed.

No luxury dining or weekend splurges.

Avoid gadgets or travel plans now.

Also cut down entertainment, streaming and subscriptions.

Focus only on family and basic needs.

This one year of simplicity will pay off later.

Keep Emergency Buffer Aside First

Do not put 100% into saving for wedding.

Keep at least Rs. 50,000 as emergency fund.

Keep this in savings account or liquid instrument.

It is not to be touched unless truly urgent.

Emergencies come without warning. Be prepared.

This gives peace of mind during your savings journey.

Avoid New Loans or EMI Commitments

No need to take loans to save money.

Also avoid buying gadgets or phones on EMI.

EMI reduces your saving ability month after month.

In fact, reduce or close existing EMIs if any.

Being debt-free gives full control over your money.

Avoid lifestyle inflation during this 12-month period.

Don’t Touch the Rs. 4 Lakhs Already Invested

This is your long-term investment.

You said it’s not accessible, which is good.

Equity needs time to grow. Let it stay.

This is not meant for short-term use.

Also, redeeming equity before time can lead to losses.

There may also be exit load or tax impact.

So do not disturb your existing portfolio.

Open a Separate Account for Wedding Fund

Keep your sister’s wedding fund separate.

Open a new savings or investment account.

Transfer money into it every month without fail.

This builds commitment and mental discipline.

It also keeps you away from accidentally spending it.

Keep this account out of UPI apps or wallets.

Make it less accessible to avoid impulsive usage.

Choose Suitable Monthly Saving Instruments

You can’t keep all money in savings account.

You need to earn better returns on it.

Choose a safe and regular investment method.

Short-term goals need capital protection and moderate growth.

Pick instruments that allow regular monthly deposits.

Also check for liquidity and penalty rules.

Make sure it is not market-linked and high-risk.

Low to moderate risk tools suit your 12-month horizon.

Don’t Invest in Direct Funds for Short Term

You may hear about direct mutual funds.

They seem to offer higher returns due to low expense.

But they give no guidance or regular tracking support.

You must choose funds on your own completely.

Also, you must do all reviews without help.

If you choose wrong fund, it affects returns badly.

Especially for short-term goals, mistakes can cost more.

Instead, prefer regular funds through a CFP-backed MFD.

They review, guide, adjust portfolio, and ensure correct plan.

Avoid Index Funds for this Purpose

Index funds simply follow the market index.

They do not actively manage risks.

They do not shift between sectors when needed.

So, when markets fall, they also fall fully.

For a short-term goal like a wedding, this is risky.

Actively managed funds have research-based flexibility.

They adjust to market conditions smartly.

For one-year goal, active management brings better stability.

Stick to Disciplined Monthly Saving Plan

Saving Rs. 83,000 per month is not easy.

Start by fixing a standing instruction on salary day.

Automate this transfer to your wedding fund account.

Do this before spending on anything else.

If full Rs. 83,000 is not possible now, start lower.

Then increase it every 2–3 months.

If you get bonus or freelance income, add that too.

Even one missed month will delay the target.

So be strict with the system.

Find Small Extra Income Sources

Look for side income during weekends or evenings.

You can try online freelance work or part-time gig.

Even Rs. 5,000–Rs. 10,000 per month helps.

This can speed up your target savings.

Use 100% of extra income only for wedding fund.

You’re young, so energy is your strength.

Utilise free time to build this faster.

Avoid Shortcuts or High-Risk Bets

You may feel tempted by quick-return stocks.

Or your friends may suggest crypto or penny stocks.

Avoid all high-risk ideas for this goal.

Your sister’s wedding is a responsibility, not a gamble.

Don’t take chances with money meant for family event.

Safety is more important than high returns now.

Stick to low-risk saving methods with predictable results.

Track Progress Every Month Without Fail

At month-end, review your saving balance.

See if you’re on track for Rs. 10 lakhs.

If you’re falling behind, increase savings next month.

Or reduce any new unnecessary expense.

This helps you catch problems early.

Use a simple Excel or notebook for tracking.

Reviewing keeps you focused on your goal.

Do this even if you feel lazy.

Celebrate Small Wins Along the Way

Every 2–3 months, check how much you saved.

If you hit milestones like Rs. 3 lakhs or Rs. 6 lakhs, feel proud.

But don’t reward yourself with spending.

Instead, just feel mentally strong and continue.

This helps you stay motivated across 12 months.

Saving for a family event brings deep satisfaction.

Use that emotion to stay committed.

Plan for Wedding Expenses in Advance

You also need to plan how the Rs. 10 lakhs will be used.

List all likely expenses: venue, food, clothes, gifts.

Discuss with family what’s needed and what’s optional.

Try to fix a budget early.

This avoids overspending during emotional moments.

If you plan spending early, your saving will feel more purposeful.

Talk to a Certified Financial Planner Later

After the wedding, don’t stop your good habits.

You will be free from this short-term goal then.

Start building wealth for your long-term needs.

Meet a Certified Financial Planner after this year.

They will help you plan your next financial goals.

They will build your investment path with clarity.

Start mutual fund SIP through regular plans via a CFP-backed MFD.

This ensures monitoring and personalised advice.

Avoid going into investment alone without support.

Finally

Saving Rs. 10 lakhs in 12 months is ambitious.

But not impossible if you plan and act.

You are still young, so discipline matters more now.

Use this goal as a financial training ground.

It will shape your future habits and strength.

Be strict, focused, and consistent.

Every month matters. Every rupee counts.

Don’t chase fancy returns. Choose peace and certainty.

Your sister’s wedding will be a proud moment.

And so will be your financial effort behind it.

Stay committed. Stay calm. Stay focused.

You are already on the right path.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x