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POSTED BY ON September 14, 2013 12:27 pm COMMENTS (2)
Hi ,
I am Kumar . Working in a IT field earning around 23,000 in hand, my age is around 24 years.
I need a financial Planning for my self.I started Kodak Assured Income Plan paying 25000 yearly and HDFC youngster Plan paying 15000 yearly. These two above policies I started last year.I am investing in Franklin Blue chip Mutual Fund and HDFC blanced fund in SIP each 1000 monthly.
I have started RD of 3200 monthly. Please suggest about this and how I can go for future for marriage and some others.
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Thanks For your advice Bhavesh
Hi Kumar,
First of all, buy a term policy and if possible discontinue your current policies for which you are paying (25K+15K) = 40K/year.
Since you are just 24, you will be able to get a good term policy covering upto 1 Crore for a premium of somewhere around 6000/year, yes its six thousand approx and not sixty thousand.
If you are discontinuing your current policies, you can invest same amount from it in high risk – high return investments like stocks or you can also increase your SIP amount from 1000 to 5-6K monthly which will give you better returns than the policies. Also do a regular assessment of your MF’s performance and switch to another one if one is not doing well for long time.
I am assuming you will marry after 2-3 years for which investing in Stocks directly or via MF is a good option. Invest around 70-75% of your amount in stocks and keep rest in bank in form of FD or savings account depending on your monthly-expense, family size & any other liabilities.
I would also suggest you to put some money in PPF account since it will give good tax-free returns after 15 years, which you can extend further if you wish. Putting even small amount in PPF will give you good returns after maturity that too completely tax free.