How can I prepare financial plan to achieve my financial goals?

POSTED BY Vishal Sharma ON July 28, 2014 2:33 pm COMMENTS (2)

I am 34 yrs. old working at MNC in Bangalore. My take home is around 60 K. How can I prepare financial plan to achieve my financial goals?

My financial details are mentioned below


I have 2 loans of 2.5 and 4.1 laces and paying 7k and 10K EMI which is going to over by 2016 and 2018.


1. SBI Magnum tax gain invested 45K which is going to mature on 2016.

2. PPF opened in 2013, paying 500/- monthly.


1. Maxbupa health insurance

2. Group medical insurance from company where I am working.


Short term within 3 yrs. – House (40-50 laces), Car (5-7 laces).

Long term – Child education (25 Lac), Retirement (2 Cr).

I can invest around 10K per month. Regarding risk I can take go for Aggressive to Moderate investment plans.

Please suggest some good Mutual funds to invest and also how much time it will take to achieve these goals?

How much I have more I have to invest monthly to achieve these goal?

Apart from Mutual Funds where else can I invest?

2 replies on this article “How can I prepare financial plan to achieve my financial goals?”

  1. Vishal Sharma says:

    Thanks Ashish for your valuable response.

    I can able to invest 10,000 per month. But my question is that how can I split the investment. Whether full amount I invest in Mutual funds or Split it and put some percentage in RD also?

    Please suggest some good mutual funds in large cap and mid+Small cap?

  2. Ashish Garg says:


    Apart from these, hope you have taken sufficient life insurance cover for yourself.

    Suggest, you start investing in one large cap and one mid + small cap fund through SIP for another 4-5 years minimum.

    Since you already have loans running and paying about 17K as EMI in them. You should close these loans fast so that once these loans are closed, you get to save another 17K. Also, closure of these loans will increase your home loan eligibility

    Considering you are looking at purchasing a home in next 4-5 years, you need about 8-10 lakhs as down payment from our side and rest through a home loan. Also for car you need to have at least 10% (about 65,000) as payment from your side and rest from car loan. This will result in a total EMI payout of about 53,000 per month of which 40,000 for Home loan (40L for 20 yrs @10.25%) and about 13,000 for car loan (5.75L for 5 yrs@14%).

    If you are able to invest 10,000 per month now for another 5 yrs, you will be able to save about 6,00,000 + interest accumulated on it. So you either need to save more or push your goals by some more time (assuming you have limited funds as of now).


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