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Ramalingam Kalirajan6340 Answers |Ask - Follow
Mutual Funds, Financial Planning Expert - Answered on Jul 18, 2024
Asked on - Jul 13, 2024Hindi
I have 41yrs old and earning 1.8 lacs per month,, married 14years ago two kids one daughter Nd son,I have home loan,own flat and bought one flat by paid cash flat worth 75lac and another plot 30lacs have 5lacs health insurance,2cr term insurance How do I plan my financial plan please suggest me
Ans: Current Financial Overview
Age: 41 years
Monthly Income: Rs 1.8 lakhs
Family: Married with two children
Assets:
Own flat (home loan)
Flat worth Rs 75 lakhs (paid cash)
Plot worth Rs 30 lakhs
Insurance:
Health Insurance: Rs 5 lakhs
Term Insurance: Rs 2 crores
Appreciating Your Efforts
You have made good progress with property investments and securing your family's future with health and term insurance.
Financial Goals
Children’s Education and Marriage
Retirement Planning
Loan Repayment
Emergency Fund
Investment Strategy
Children's Education and Marriage
Systematic Investment Plans (SIPs):
Start SIPs in diversified mutual funds.
Allocate specific SIPs for education and marriage goals.
Recurring Deposits:
Open RDs for medium-term goals.
Ensure liquidity for urgent needs.
Retirement Planning
Public Provident Fund (PPF):
Maximize annual contribution to PPF for tax benefits and long-term savings.
National Pension System (NPS):
Invest in NPS for an additional retirement corpus and tax benefits.
Mutual Funds:
Invest in a mix of equity and debt funds.
Consider balanced advantage funds for stability and growth.
Loan Repayment
Home Loan:
Prioritize paying off the home loan.
Increase EMI payments if possible to reduce tenure and interest.
Emergency Fund
Maintain Liquidity:
Keep at least 6 months of expenses in a savings account or liquid fund.
Asset Allocation
Equity:
Invest 60% in diversified mutual funds.
Allocate towards large-cap, mid-cap, and small-cap funds.
Debt:
Invest 30% in PPF, NPS, and debt mutual funds.
Ensure stable returns with minimal risk.
Gold and Bonds:
Allocate 10% to gold bonds and other safe instruments.
Hedge against inflation and market volatility.
Insurance Review
Health Insurance:
Consider increasing coverage for comprehensive protection.
Include family members under the same plan.
Term Insurance:
Ensure the term insurance amount is adequate.
Review periodically to match with life stage changes.
Financial Discipline
Budgeting:
Track monthly expenses diligently.
Cut down on unnecessary expenditures.
Regular Review:
Review portfolio quarterly.
Rebalance based on performance and goals.
Final Insights
You are on a solid financial footing. Prioritize children’s future, retirement, and loan repayment. Ensure a balanced portfolio for growth and stability.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
Age: 41 years
Monthly Income: Rs 1.8 lakhs
Family: Married with two children
Assets:
Own flat (home loan)
Flat worth Rs 75 lakhs (paid cash)
Plot worth Rs 30 lakhs
Insurance:
Health Insurance: Rs 5 lakhs
Term Insurance: Rs 2 crores
Appreciating Your Efforts
You have made good progress with property investments and securing your family's future with health and term insurance.
Financial Goals
Children’s Education and Marriage
Retirement Planning
Loan Repayment
Emergency Fund
Investment Strategy
Children's Education and Marriage
Systematic Investment Plans (SIPs):
Start SIPs in diversified mutual funds.
Allocate specific SIPs for education and marriage goals.
Recurring Deposits:
Open RDs for medium-term goals.
Ensure liquidity for urgent needs.
Retirement Planning
Public Provident Fund (PPF):
Maximize annual contribution to PPF for tax benefits and long-term savings.
National Pension System (NPS):
Invest in NPS for an additional retirement corpus and tax benefits.
Mutual Funds:
Invest in a mix of equity and debt funds.
Consider balanced advantage funds for stability and growth.
Loan Repayment
Home Loan:
Prioritize paying off the home loan.
Increase EMI payments if possible to reduce tenure and interest.
Emergency Fund
Maintain Liquidity:
Keep at least 6 months of expenses in a savings account or liquid fund.
Asset Allocation
Equity:
Invest 60% in diversified mutual funds.
Allocate towards large-cap, mid-cap, and small-cap funds.
Debt:
Invest 30% in PPF, NPS, and debt mutual funds.
Ensure stable returns with minimal risk.
Gold and Bonds:
Allocate 10% to gold bonds and other safe instruments.
Hedge against inflation and market volatility.
Insurance Review
Health Insurance:
Consider increasing coverage for comprehensive protection.
Include family members under the same plan.
Term Insurance:
Ensure the term insurance amount is adequate.
Review periodically to match with life stage changes.
Financial Discipline
Budgeting:
Track monthly expenses diligently.
Cut down on unnecessary expenditures.
Regular Review:
Review portfolio quarterly.
Rebalance based on performance and goals.
Final Insights
You are on a solid financial footing. Prioritize children’s future, retirement, and loan repayment. Ensure a balanced portfolio for growth and stability.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
Asked on - Jul 18, 2024 | Answered on Jul 19, 2024
I don't have much knowledge on mutual funds whom need to contact
Ans: We can assist you. Let's embark on this financial journey together.
You can reach me through my website mentioned below.
This platform has restrictions on sharing personal contact. Hope you understand.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
You can reach me through my website mentioned below.
This platform has restrictions on sharing personal contact. Hope you understand.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in