I am a poor man only earning 15000 per month. My age is 42 years. I want to invest successfully atleast 60% of my income. Please tell me where should i invest so that my hard earned money dont get wasted at all and within 60 years I will get a good return.
Ans: First please ensure you set aside funds equal to at least 6-12 months of your basic monthly expenses. This can be in the form of a safe bank FD. Also, get term life insurance and health insurance for you and your family if it's still not there.
Only after that, you should begin investing. Since you wish to invest for the next 18 years, you can consider starting monthly SIPs equally in one scheme each from largecap and flexicap fund categories. These are equity fund categories which are suitable for long-term investing for those who have a suitable risk appetite. The journey will not be smooth like a bank FD or post office deposit but if you stick for long enough, equity has historically delivered 10-12% average annual returns.