Financial Planning help requested

POSTED BY Anirban Roy Chowdhury ON August 11, 2012 11:55 pm COMMENTS (4)

Hi,

I am 30 yr old male earning around Rs 60k/month. 

Liabilities per month :

EMI HL : Rs 23138 (flat purchased is in another city; I am staying in a different city currently coz of professional reasons); principal amount left to be paid to bank : Rs 19,50,000

EMI CL : Rs 5311 [principal amount left to be paid to bank : Rs 200000]

Rent : Rs 8500

Other expenses : Rs 10000 including bills, daily expenses etc

Recently I got posession of my flat (not in my current city) for which I had to make a substantially big amount final payment which almost drained all my savings till date. I sold off all MFs, shares, ULIP, NSC etc.

I plan to get married in next 6 months although the expense will be covered by my parents 🙂

I would request you to give me a bit of guidance regarding financial planning and smartest moves to maximise savings in this scenario (what exactly is possible at my end; way forward basically). What do you think of my current financial position?

Please note –

1.both HL & CL EMIs are paid on the 15th of every month via ecs

2.I have an emergency fund of a Rs 1 lac FD (1 yr FD) [just in case]

3.I am working for the last 7 years and invested 70k in PPF every yr and I havnt touched that fund.

4.Will putting the flat on rent a viable idea? I am not much emotionally inclined to put my brand new flat on rent 🙂 The appreciation in that property is good. Rates are almost double now w.r.t when i booked. I dnt have plans to live in it in the nxt couple of years.

5. Incase you suggest any invesment plan – kindly mention the same in a bit detail.

6. i donot have a mediclaim and a life insurance currently.

My apologies for the looonnggg post but I thought detail will help you in understanding my scenario and accordingly help me out.

Thanks and Kind Regards..

4 replies on this article “Financial Planning help requested”

  1. Sachin says:
    August 12, 2012 at 5:17 am

    How does it matter?

    Reply
  2. Ashal Jauhari says:
    August 12, 2012 at 12:33 am

    Dear Anirban, please answer a blunt question – are you interested in free lunches or paid ones?

    Please mark your reply for sure.

    Thanks

    Ashal

    Reply
    1. Anirban Roy Chowdhury says:
      August 12, 2012 at 9:23 am

      Dear Ashal,

      There’s no such thing as a free lunch 🙂 [if thats the answer you would like to hear from me]

      I know I may not be doing few things right or planning it in the correct manner. And thats the reason I am in this forum asking for some help from you learned financial gurus.

      Would appreciate if you may please provide some real guidance on the same.

      Thanks..

      Reply
      1. Ashal Jauhari says:
        August 12, 2012 at 9:54 am

        Dear Anirban, Please do not misunderstood me. What I want to share is – you ‘ll get a lot of info from this forum or many other. Action part on the suggested things ‘ll be in your control & it’s very normal that after few months down the line, you start suspecting your own actions & then search again for better options. Now the new options may not be in continuity with your prev. actions. So it’s advisable to have a trusted person at your side who can guide you for such situations.

        Coming back to your own query – Instead of thinking so many things right now, just concentrate on 2 things only.

        Purchase an online Term cover of 15 times of your yly income+loan liabilities.

        Start investing 10-15K Rs. mly to create an emergency fund for yourself. No other saving investment is on offer from my side at this point as you are zero on emergency funds & no risk cover is there.

        Thanks

        Ashal

        Reply

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