I am 22 years of age and i am earning 25000 per month from last 3 months.
I am going to take a term insurance for 50 lacs for a period of 35 years and i am planning to invest Rs.5000 per month in mutual fund for first 3 years and from then onwards Rs.1000 per month. I would like to have some money in PPf and in india post NSC. But not sure how to plan.
1. I want to get a good financial plan to buy a house in 5 years and then for childrens expense.
2. I want to know what should i do after investing in mutual fund…should i leave it like that for years untill i need it or do something in between. how the money in mutual fund is compounded?
3. Please keep in mind that i should be able to save the income tax also.
NB: Dont advice me on the basis of my plan. Just give a review for my plan and also give me a new plan as you think wil b better for me !!
thank you,
neeraj