Hello Everyone,
Request you to please share with me your views on the nitty-gritties of the financial planning tips for my scenario:
Background:
1. I am the sole earning member for my family and have only mother to support. After all the household expenditures(rent, groceries etc), I manage to save around 1-2k every month currently. I just started my career a while back and hence my savings are currently low. I have a few outstanding debt to be paid to relatives (around 7 lakhs) which I had taken a while back to fund education and some emergencies.
2. To begin with my investments till date, I have invested in LIC JeevanSurabhi for 20 yrs with annual premium of 36k.
3. Also, I have taken a Reliance Equity Opportunities SIP (Rs. 6000 p.a) and a RD (Rs. 18,000 p.a)
4. I have a group mediclaim(Rs. 5L), EPF(Rs. 1,250 monthly) and also a PPF(500 monthly).
5. I am also planning to cover my life with a term insurance of about Rs. 75 lakhs soon once I have some money left.
6. I incur around Rs.2000 as Income Tax annually, which I am planning to invest it in the term insurance, ppf and a reliance/franklin ELSS funds for this financial year.
Need:
1. How shall I be able to meet my target of refunding the outstanding debt to my relatives (about 8 lakhs) in a span of say 5-6 years? Are my current investments in line with this requirement?
2. What can I do to have a parallel corpus to go into my own needs like emergency funds, future planning( house, vehicles, marriage etc) ? It seems that clearing my loans itself would take a good amount of time with no funds left for me later.
I would be gratefully happy if I can get some good tips from the veterans of this forum since I really feel I am going nowhere with my financial life at this pace.
Thanks & Regards,
Narayan