I recently joined a company where CTC is 24L. I am 43, have my own house and Car. Wife is Housewife and My Daughter is 16 and son is 11. I only have Term Plan and family Floater medical insurance. Kindly advice SIP to save for their education and Marriage. Ready to invest upto 30k per month.
Ans: Given your financial goals for your children's education and marriage, as well as your willingness to invest up to 30k per month, consider the following SIP allocation:
Children's Education:
Allocate a significant portion to equity mutual funds for long-term growth potential.
Consider investing in diversified equity funds or large-cap funds with a proven track record.
Aim for around 60-70% of your SIP amount for education in equity funds.
Children's Marriage:
Since the marriage goal might have a shorter time horizon, balance risk with stability.
Allocate a portion of your SIP to debt funds or hybrid funds for stability.
Choose balanced funds or aggressive hybrid funds, which invest in a mix of equity and debt.
Allocate around 30-40% of your SIP amount for marriage in balanced or hybrid funds.
Remember to review and adjust your SIP allocations periodically based on changes in your financial situation, market conditions, and your children's evolving needs. Additionally, consult with a financial advisor to tailor the investment strategy to your specific circumstances and goals.
