Hello sir, I earn monthly as 1.84 lakh.I spend 60% of my salary in living expense and 40% as savings I spend 11000 in mutual funds which include 5000 in HDFC balanced advantage fund, 2000 in eledweiss mutual fund,3000 in motilal oswal midcap fund direct growth. Have added step up of 20% in each one,also I spend 10000 in NPS and 5000 in PPF every month. This all saving I have started last year. My age is 40 currently. I have a target to generate 2 cr alteast till I reach 60. Will this be possible with this much investment or not, if not how much should I invest monthly. Also I am not able to have emergency fund. How should I manage my financial planning. Also what can be source of passive income. I not good in share market or digital marketing stuffs. Please suggest

Ans: It's great that you're actively saving and investing for your future. However, to achieve your goal of accumulating ?2 crore by the time you're 60, you may need to adjust your investment strategy and consider a few factors:

Emergency Fund: It's crucial to have an emergency fund to cover unexpected expenses, such as medical emergencies or job loss. Aim to save at least 3-6 months' worth of living expenses in a liquid and easily accessible account.

Investment Allocation: While investing in mutual funds, consider diversifying your portfolio across different asset classes such as equity, debt, and hybrid funds to manage risk effectively. Also, review your investment choices periodically to ensure they align with your goals and risk tolerance.

Increasing Investments: To reach your target of ?2 crore by age 60, you may need to increase your monthly investments. Consider using a financial calculator or consulting a financial advisor to determine the monthly contribution required based on your expected rate of return and time horizon.

Passive Income Sources: Explore passive income streams such as rental income from real estate properties, dividends from stocks or mutual funds, or interest from fixed deposits or bonds. These sources can provide additional income without requiring active involvement.

Financial Planning: Consider consulting with a certified financial planner who can help you create a comprehensive financial plan tailored to your goals, risk tolerance, and financial situation. They can also provide guidance on optimizing your investments and achieving financial security.

Remember, achieving long-term financial goals requires discipline, patience, and periodic review of your financial plan. By making informed decisions and staying committed to your goals, you can work towards building a secure financial future.