I am 44 yrs. of age. My corpus is approx. 3 cr with 1 cr in share market with SIP & 1 cr in banks FD & I cr in post office via KVP & other investment tools.
I am doing monthly SIP of 30k in share market. . What way should I proceed so that I can get 2 lakh per month at age of 55 yrs.
Ans: Your diligent savings and investments have built a commendable corpus, setting a solid foundation for your financial future. Your goal to generate 2 lakh per month by the age of 55 is ambitious and requires careful planning.
Given your current investments, let's consider some strategic steps:
Review Asset Allocation: With 1 cr in share market SIPs and another 2 cr in relatively low-yield options like FDs and KVPs, consider rebalancing to align with your income goals. A more growth-oriented allocation may be needed.
Increase Equity Exposure: To potentially boost returns, consider increasing your exposure to equities. Equity investments, especially in well-performing sectors or diversified funds, could offer higher growth potential over the long term.
Diversify Income Streams: Besides relying solely on investments, explore creating multiple income streams. Rental income, dividends from shares, or even starting a small business could supplement your monthly income.
Optimize Tax Efficiency: Ensure your investments are tax-efficient. Utilize tax-saving instruments and consider tax-free or low-tax income options to maximize your post-tax returns.
Regular Review: Periodically review your portfolio's performance and adjust your strategy as needed. Market conditions, economic trends, and personal circumstances can impact your financial plan.
Remember, achieving your goal requires a well-thought-out strategy and disciplined execution. Consulting with a Certified Financial Planner can provide personalized guidance tailored to your aspirations.
Your commitment to financial planning is the cornerstone of achieving your dreams. Let's embark on this journey together, ensuring a rewarding and secure future.
