Hello,
I am 42, working as an HR professional with a MNC Life Insurance company. Wife is into consulting. Our household income is around 2.2 Lacs and we have a corpus of 1.7 Cr.
Stocks - 11L (All Bluechip)
MF - 25L (Large, Mid, Small & Flexi caps)
NPS - 5.5L
PF/PPF - 55L
FD - 78L
We are also monthly investing as mentioned below:
MF SIPs - 1Lacs
PF/PPF - 52k
Employer NPS - 7k
Liabilities:
Home Loan - 25k Monthly EMI
Tenure Left - 5 years
I would require 2Cr after 7 years as my 11 years daughter wants to do a professional course from a top international university.
Would require 1 Cr after 15 years for her wedding.
Most important, I would like to shift my career wherein our household income would be reduced to 1-1.5 Lacs per month. The same would be the monthly household expenses.
I would like to generate 2.5 lacs monthly income after 18 years from now.
Thanks & Regards
Mitansh Sanawar
Ans: Hello Mitansh,
It's commendable to see your proactive approach towards planning for your family's future. Let's break down your financial goals and chart a roadmap to achieve them:
• Firstly, kudos on building a substantial corpus and maintaining a disciplined approach towards investments. Your diversified portfolio reflects prudent financial planning.
• Your short-term goal of accumulating 2 crores in 7 years for your daughter's education is achievable with your current investment capacity. Given your investment horizon, consider allocating a portion of your portfolio towards growth-oriented assets with higher potential returns.
• For your daughter's wedding expenses of 1 crore in 15 years, continue your systematic investment approach through SIPs and other avenues. With disciplined investing, you can accumulate the required corpus by the targeted timeframe.
• Transitioning to a career with a reduced household income is a significant decision. It's essential to reassess your financial plan and ensure it aligns with your future income expectations. Consider revising your monthly investments and expenses accordingly to maintain financial stability.
• Your long-term goal of generating 2.5 lakhs in monthly income after 18 years requires careful planning and strategic investment allocation. Explore avenues such as dividend-paying stocks, rental income from real estate (if suitable), and other passive income streams to supplement your retirement income.
• Additionally, review your existing investment portfolio periodically to rebalance and optimize returns. Consider consulting with a Certified Financial Planner to fine-tune your financial plan and address any potential gaps.
With a clear roadmap and disciplined execution, you can achieve your financial aspirations and provide for your family's future needs. Stay focused on your goals, and best wishes for a prosperous financial journey ahead!
