I am 61 years and retired from central government. Getting 48000 and 30000 as pension and rent. All my retirement benefits are exhausted on building of house and education loan. I need 5000000 fifty lakhs in seven years. What i should do. This amoint to be given to my son and what way i accummulate.
Ans: I appreciate your commitment to helping your son. Let's explore ways to accumulate Rs 50 lakhs in seven years.
Evaluate Current Income and Expenses
Track your monthly income of Rs 78,000. Prioritise your essential expenses and find areas to save.
Create an Investment Plan
Consider investing in mutual funds. Actively managed funds often outperform index funds, especially in volatile markets.
Benefits of Actively Managed Funds
Actively managed funds are handled by expert fund managers. They can adapt strategies based on market conditions.
Systematic Investment Plan (SIP)
Start a SIP to invest regularly. This helps in averaging costs and reduces market risk.
Consider Balanced Funds
Balanced funds invest in both equity and debt. This provides growth and stability.
Emergency Fund
Set aside a small amount each month for emergencies. This ensures financial security without touching investments.
Avoid Real Estate and Annuities
Real estate can be illiquid and risky. Annuities often have high fees and low returns.
Seek Professional Advice
Consult a Certified Financial Planner. They can tailor a plan to help you achieve your goal.
Stay Committed and Review Regularly
Monitor your investments and make adjustments if needed. Stay focused on your goal.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
