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POSTED BY ON March 13, 2012 10:51 am COMMENTS (8)
Hi
I am 23 now , and just started earning.
My salary is 30,000 per month (by hand) and want to start investments for my future needs and goals.
I made some home work and decided to invest in :
1) HDFC Top 200 Mutual Fund : SIP of 5000 per month for the period of 15 years or more.
2) Open a PPF account and invest 2000 every month for my retirement corpus.
3) HDFC Tax saver : SIP of 3000 per month , also for a period of 15 years or more.
4) 3000 per month in RD+Savings account as an Emergency fund.
Looking for a right Health Insurance for me and my parents (will be taking asap when i find a good one)
Will also take term insurance asap.
I will be increasing my portfolio when ever i get a hike in my salary(during course of time)
My Future Goals :
1) Buy a house and a car, 8-10 years from now (by taking Loan with some good down payment).
2) Retirement corpus of 3 crore.
3) Children fund of 30 lakhs after 20 years from now.
4) Sufficient Emergency fund all the time to meet any emergency requirements.
I may look optimistic.
But please have a look at my plan and provide your suggestions.
Regards
Krishna Kishore Appala
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Dear All,
Thanks a lot to BanyanFA , Ashal , Mohan , Zionview , wealthucreate .
U really gave wonderfull suggestions.
And thanks for ur encouraging statements.
I hope to be systematic in investments.
Once again thanks a lot for ur comments and views.
Thanks
Krishna Kishore Appala
Dear KKA, Please read my reply in addition to dear wealthucreate,
one more Tip: If possible marry a girl who is employed. Double Engine has lots of power + try to keep your expenses low as if the income is from one only.
Thanks
Ashal
KKA,
I am jealous of you…. i wish i had thought like you when i was 23 🙂
People Fail in building retirement corpus as they lack descipline in them.
You are very young. If you are able to live your life like a studen for next 2 years
and invest most of the money you earn, you dont have to break your head
thinking about your retirment. Give your money enough time to grow.
one more Tip: If possible marry a girl who is employed. Double Engine has lots of power 🙂
Dear KKA,
Excellent thinking on your part at this age. It’ll go a long way. Implement the plan and keep it up.
Happy investing
Great to see someone else in same age group as me in this forum :-). You are in the right track. All the Best
excellent start. You’re saving almost 40% of your salary which is an ideal target at your age and since you’re just starting out.
Also, the fact that you’re on this forum with your question shows that you have interest in making money work for you. Keep up the good work!
Dear KKA, before investing anywhere else, first of all please make an emergency funding of at least 6-9 months of your expenses.
Thanks
ashal
Hi Krishna,
You are right on track.
1. The first step which you must do is to take a Term insurance which shall prevent your financial planning to take a big hit in case of unforeseen circumstances.
2. Your mutual funds should be diversified into multiple fund options. Currently you have just HDFC Top 200 which is a large cap fund. You can invest into a mix of large, mid, small cap, gold fund.
3. HDFC Tax saver may be a good option for tax saving, but possibly just till end of 31 March 2012. After March 2012, it may not serve tax saving objective and possibly you may want to switch to other better mutual fund options.
3. PPF is excellent choice. Keep on contributing to it.
4. RD for a emergency fund is good option. But once your RD funds increase upto 6 months of your living expenses, you may want to start investing funds into better fund options.
5. You may have ignored Provident Fund deducted by your employer on a monthly basis. It also forms an important component of your financial planning.
Regards
BFA