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Ramalingam Kalirajan3916 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 12, 2024

Asked on - Apr 14, 2024Hindi

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Like sukanya samridhi yojna for girl Any boy scheme like that with guarented income is there ? Kindly reply What is the best way to invest in gold as gold rates have already been increased. When and how to invest in gold. Best insurance policy for me of age 36 till my retirement.
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
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Ramalingam

Ramalingam Kalirajan3916 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Asked on - Apr 20, 2024Hindi

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Like sukanya samridhi yojna for girl Any boy scheme like that with guarented income is there ? Kindly reply
Ans: It's wonderful to see your proactive approach towards securing your child's future. While there isn't a specific scheme like Sukanya Samriddhi Yojana for boys, there are alternative investment avenues you can explore. Here's a brief overview:

Public Provident Fund (PPF): PPF is a government-backed savings scheme offering attractive interest rates and tax benefits. It's open to both boys and girls and provides a guaranteed income over the long term.

Traditional Insurance Policies: Endowment plans or money-back policies offered by insurance companies can provide guaranteed returns along with life cover. However, it's essential to carefully assess the policy terms and returns before investing.

Fixed Deposits (FDs): FDs offered by banks provide a fixed rate of interest and capital protection. While they offer guaranteed returns, the interest rates may vary depending on the bank and the tenure of the deposit.

Senior Citizen Savings Scheme (SCSS): While primarily aimed at senior citizens, SCSS can be opened in the name of a minor by a guardian. It offers guaranteed returns and tax benefits under Section 80C of the Income Tax Act.

National Savings Certificate (NSC): NSC is a government-backed savings instrument that offers a fixed rate of interest and can be opened in the name of a minor. It provides guaranteed returns and tax benefits.

It's essential to align your investment choice with your child's financial goals, risk tolerance, and investment horizon. Consulting with a Certified Financial Planner can help you select the most suitable investment option based on your requirements.

Remember, regardless of the investment avenue chosen, consistency and long-term commitment are key to achieving your child's financial aspirations.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
(more)
Ramalingam

Ramalingam Kalirajan3916 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 01, 2024

Asked on - Apr 14, 2024Hindi

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Can i get 50 lakh in 10 yr of investment of 60k of salary . Then please suggest where and how to invest money to get good ruturn and diversify my portfolio.
Ans: Achieving a corpus of 50 lakhs in 10 years from a monthly salary of 60k requires strategic planning and disciplined investing. Here's a suggested approach to help you reach your goal:

Set Clear Goals: Define your investment objectives, time horizon, and risk tolerance. Understanding your financial goals will guide your investment decisions.
Budget and Save: Review your expenses to identify areas where you can save and allocate a portion towards investments. Consistently saving a portion of your salary is crucial for building wealth over time.
Invest Wisely: Diversify your portfolio across different asset classes to manage risk and maximize returns. Consider allocating your investments to a mix of equity mutual funds, debt funds, and other investment avenues based on your risk profile.
Systematic Investment Plan (SIP): Start SIPs in mutual funds with a focus on long-term growth potential. Equity funds offer higher returns over the long term but come with higher volatility. Debt funds provide stability and steady returns.
Review and Adjust: Regularly review your investments and make adjustments as needed based on changing market conditions and financial goals. Rebalancing your portfolio ensures it remains aligned with your objectives.
Seek Professional Advice: Consider consulting with a Certified Financial Planner to create a personalized investment plan tailored to your financial situation and goals. Their expertise can help you navigate the complexities of investing and maximize your chances of success.
Remember, achieving your financial goals requires patience, discipline, and a well-thought-out strategy. Stay committed to your investment plan and monitor your progress regularly. With time and consistent effort, you can work towards building a sizable corpus to fulfill your aspirations.
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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.

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