My frnd’s dadaji is 80 yrs old, he just sold his old land some days back, and has got a Rs. 10,00,000, out of which 5,00,000 were paid by check and 5,00,000 were paid by cash( distribution of money is – 50% in white and in 50% black), now he wants to invest his money seeing next 10 years visibility
1. he wants to build a emergency fund for him and his wife,which can be used as a health insurance.
2 he also plans to travel around his old village in karnataka and use some amount for charity but he is not sure when and how he will spend it…
He earns a pension of Rs 17,000, and monthly expense is 11,000. rest he invests in FDs.
so far he has invested 5,00,000 in FDs. he owns his own house.
He plans to fill form 15 H, so that all the interest earned on FDs will be tax free.
he wanted to gift some amount to his grand children but his son and daughter has requested him to use this money for himself and for their mom. So his family members don’t want his single penny.
how should he invest his money smartly?