Hello JagoInvestor forum Experts,
Please help me with your suggestions, am I going on the right track to achieve my goals or should I need to change in my investment portfolio.
I am 29 yrs old & getting 42K monthly take home after all deductions, I am the only salaried person in my family & my wife is a home maker. Parents are not depending on me.
Expenses:Monthly living expenses – 18K(including rent) & Consumer durable Loan – 10K(0% interest & will end by Sep 2013)
Investments till date:
Fixed deposits – 7Lakhs
Mutual funds – 40K in HDFC TAX Saving MF invested in 2012
PPF – 10K started this year Jan 2013
Tax saving bonds – 65K(NSC – Maturity – Mar-2014)
Tax Savings FD – 1.8Lakhs(In Banks – 5yrs lockin – will get in 2017-2018)
Gold – 11Lakhs
Contingency fund for 6months – 1Lakh(in bank Flexible Fixed deposit)
Insurance Coverage:
Term Insurance – 50Lakhs from Aviva paying 4628/Annum
Medical Insurance – 2 Lakhs(For both Myself & spouse)
Shortterm Goals:
Planning to buy a house/Flat within 30Lakhs by Sep2013(planning to pay 7L FD amount as a down payment)
Longterm Goals:
Preclosing Home loan after 8years – 18Lakhs(After 8yrs Outstanding principal Amount)
Child higher Education – Current value is 15Lakhs(After 15Years)
Monthly income post retirement (after 26Years)
I am having 14K surplus amount to invest till September 2013 & After purchasing a flat i.e. Sep 2013, I will be having 15K surplus(48K(Expected take home sal after increment from Apr)-23K(Home Loan EMI)-10k(Monthly Expenses)
Below are my current plans to invest:
Planning to take 1 more term Insurance – 50L more(Paying 4.5K/Annum)
Planning for Medical Insurance – 2L more(Paying Around 3.5K/Annum)
DSPBR Top 100 Equity MF SIP – 4K/Month(For longterm – 20years)
HDFC Top 200 Equity MF SIP – 4K/Month(For longterm – 20years)
HDFC Tax Saving SIP’s – 4K/month(will be paying every Year for Tax savings purpose)
PPF Contribution – 2K/Month
Thanks & Regards, SP Pathan