Like sukanya samridhi yojna for girl Any boy scheme like that with guarented income is there ? Kindly reply

Ans: If your total salary is up to Rs 7 Lakhs, you are exempted from paying any tax. But if your salary is even Rs 7,00,001, then you will have to calculate the tax as per the slab structure.

Ans: It's great that you're exploring investment options for your child's future and seeking ways to secure your own financial well-being. Let's address each of your queries:

For your son's future, there isn't a scheme exactly like Sukanya Samriddhi Yojana, which is specific to girls. However, you can explore various government-backed savings schemes or investment plans that offer guaranteed returns. These may include schemes like Public Provident Fund (PPF) or fixed deposits. Consult a Certified Financial Planner to find the best fit for your needs and goals.

As for investing in gold, it's true that gold rates have been on the rise. While timing the market perfectly is challenging, you can still invest systematically over time through methods like gold ETFs (Exchange-Traded Funds) or gold savings funds. These allow you to invest in gold without physically owning it, offering liquidity and convenience. Regular investment, regardless of current rates, can help mitigate the risk of market volatility.

When considering insurance, it's important to assess your needs and priorities. At 36, you may opt for a term insurance plan that provides coverage until your retirement age. Term plans offer high coverage at affordable premiums, ensuring financial protection for your family in case of unfortunate events. Look for plans with riders like critical illness or accidental death benefit for comprehensive coverage.

Remember to review your insurance needs periodically to ensure they align with your changing circumstances.

Investing and securing your future require careful planning and informed decisions. Consult a Certified Financial Planner to tailor strategies that suit your financial goals and risk tolerance.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: It's commendable that you are thinking ahead and planning for your son's education. Your dedication to his future is truly admirable.

Assessing Your Financial Goals and Timeline
Education Goals
You want to ensure your son has the best possible education. This may include school, college, and possibly postgraduate studies.

Timeline
Your son is 10 years old, so you have around 8 years until he starts college. This gives you a good timeframe to plan and invest.

Investment Options for Education Planning
Mutual Funds
Equity Mutual Funds
Equity mutual funds can provide high returns over the long term. Consider investing in diversified equity funds for growth.

SIP (Systematic Investment Plan)
Investing in mutual funds through SIPs allows you to invest a fixed amount regularly. This helps in rupee cost averaging and building a substantial corpus over time.

Child-Specific Mutual Funds
Balanced Allocation
Child-specific mutual funds typically have a balanced allocation between equity and debt. This helps in managing risk while aiming for growth.

Lock-in Period
These funds often come with a lock-in period that aligns with the child’s age and education needs. This ensures the money is used for its intended purpose.

Government Schemes
Sukanya Samriddhi Yojana (SSY)
Although SSY is specifically for girl children, it’s worth mentioning for parents with daughters. It offers a high interest rate and tax benefits.

Public Provident Fund (PPF)
Long-Term Growth
PPF is a safe investment with decent returns. It has a lock-in period of 15 years, making it suitable for long-term goals like education.

Tax Benefits
Investments in PPF are eligible for tax deductions under Section 80C. The interest earned is also tax-free.

Fixed Deposits and Bonds
Fixed Deposits (FDs)
Safety
FDs are safe investments with guaranteed returns. They are suitable for risk-averse investors.

Laddering Strategy
You can use a laddering strategy to spread your investments across different maturities. This ensures liquidity and stable returns.

Tax-Free Bonds
Regular Income
Tax-free bonds offer regular interest income. The interest earned is exempt from taxes, making it a good option for high-income individuals.

Education Savings Plans
Unit Linked Insurance Plan (ULIP)
Insurance and Investment
ULIPs offer a combination of insurance and investment. A part of the premium goes towards life cover, and the rest is invested in equity or debt funds.

Long-Term Benefits
ULIPs are suitable for long-term goals due to their lock-in period and potential for market-linked returns.

Creating a Diversified Portfolio
Asset Allocation
Allocate your investments across different asset classes to balance risk and return. Consider a mix of equity mutual funds, child-specific funds, PPF, FDs, and tax-free bonds.

Sample Allocation
Equity Mutual Funds (40%): For high growth potential
Child-Specific Mutual Funds (20%): For balanced growth and risk management
PPF (20%): For safety and tax benefits
Fixed Deposits and Bonds (20%): For guaranteed returns and safety
Regular Monitoring and Rebalancing
Portfolio Review
Review your portfolio regularly to ensure it aligns with your financial goals and risk tolerance. Rebalance your investments as needed to maintain the desired asset allocation.

Tax Planning
Efficient Tax Strategies
Consider the tax implications of your investments. Utilize tax-saving options like PPF. Plan your investments to maximize tax benefits and minimize tax liability.

Professional Guidance
Certified Financial Planner (CFP)
Consult a Certified Financial Planner to tailor an investment strategy based on your specific needs. Professional advice can help optimize your portfolio for education planning.

Conclusion
Planning for your son's education requires a diversified and strategic approach. Balance your investments across equity funds, child-specific funds, PPF, FDs, and tax-free bonds. Regularly review and adjust your portfolio to stay aligned with your financial goals and risk tolerance.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in