Need Advise on personal finance:
I have been going through the forum for last few days and finally I created my login today.
I am 30, male, married 8 months back and my monthly take home salary is 50k credited in Yes Bank. And I contribute 2.5k to my EPF account every month since last 6 months. Had withdrawn all my EPF prior to this when I switched job.
My wife is non-working and has no capital, income, pan card or bank account.
I have a 15 lac FD in HSBC Bank,maturing in last week of march 2012.
I have another one dozen FDs totally another 15 lac in ICICI and HDFC Bank and maturing during different months in 2013.
I have 2 lac in Muthoot secured NCD @ 12% maturing in Sept 2013.
I have a few shares. Todays market value of my shares is 4 lac.
I have 2 lac in my savings account.
I own a car bought 1 year back at 5.5 lac down payment.
If you are wondering how do I have 30+ lac with 50k Monthly salary, that’s because I had worked in US for 2.5 years.
I have not bought any kind of insurance for myself or for my wife. We do not have any PPF, MF, or Gold investment.
However my employer gives health insurance for upto 4 lac for my wife and me combined.
We live in parents owned flat and therefore pay no rent. Our monthly expenses are 25k.
I have excluded expenses towards my parents and sister as they manage it from their income.
Goals:
Need to contribute 20 lac towards my sister marriage in next 2 years.
Need to take care of my parents. currently aged 56 & 52 , my family and my baby,due in Nov 2012.
Live a middle class life style.
Move to a bigger house after sister’s marriage by selling this house and contributing another 50 lac from my savings and bank loan.
Buy a 10 lac car few months before sister marriage for myself.`
I have no accounts in any public banks because I dont like the attitude of employees there. Thats why I dont have PPF Account either.
As for term or endowment insurance, should something happen to me, I dont think my wife will be able to follow up with insurance companies for claim and the other paper work.
So I have not gone for any insurance.
Till now I never worried, as I was single and was earning decent and my expenses have always been less than my income.
Now that I am married and a baby due, I thought may be I should start doing some planning. Better late than never!
I have not made any will. However I have nominated my wife in all my FDs and Bank Accounts.
Any advise will be greatly appreciated. Am not looking at directly investing in stock market.