My monthly salary is 8 lakhs, but my work time in a year is not fixed. Sometimes i work 8 months a year sometimes 6 months. I have NRE account. Due to uncertain work nature. I always had doubt to keep some funds standy in account. Due to this fear i never invested . Recently started SIP of about 50k. Please advise what to do. Or what more options i have. I was also thinking to buy a flat to later rent out. Or buy a land for future sale out.. i am confused for my life.
Ans: I understand your concerns about the uncertain nature of your work and the impact it may have on your financial stability. It's commendable that you've taken the step to start SIPs despite these challenges.
It's natural to feel overwhelmed when faced with decisions about investments, especially when considering factors like fluctuating income and future financial security. As a Certified Financial Planner, I'm here to offer guidance and support as you navigate through these choices.
Instead of letting fear hold you back, consider taking a balanced approach to investing:
• Emergency Fund: Given the irregularity of your income, it's essential to maintain a sufficient emergency fund in your NRE account to cover living expenses during lean months. This provides a safety net and peace of mind.
• Diversified Investments: Explore investment options beyond traditional avenues like real estate. Consider a diversified portfolio of mutual funds or other investment vehicles that offer liquidity and flexibility to accommodate your variable income.
• Professional Advice: Consult with a Certified Financial Planner to develop a personalized financial plan tailored to your unique situation. They can help you assess your risk tolerance, set realistic goals, and create a roadmap for achieving financial stability and growth.
• Avoid Hasty Decisions: While buying property may seem appealing, it's crucial to weigh the pros and cons carefully. Real estate investments come with their own set of challenges and may not always align with your financial goals or risk profile.
Remember, uncertainty is a part of life, but with careful planning and informed decision-making, you can navigate through it successfully. Don't hesitate to seek support from professionals who can provide guidance and clarity along the way.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in