hi,

I am a just passed college student . I have taken over my mothers finance as my father passsed over many years back . She had invested initially very carelessly and I am planning to change and invest in a better manner.  So please take little time and give me inital push to boost the change which I have already started . To help you I have put out about the family , then goals and current financial situation .

About family :

me : I have just passed out of college . Will be working for 2 years in a company and then go for higher education . My earnings are going to be 5lkhs . The point behind earning was to attain financial indipendance to go and study in abroad.

my mother: who gets a pension of 30k/month . health insurance present.

my sister : who is doing undergraduation . Her college fees is 1.2lkhs.

Goals:

1. My higher education . in 2 years ( amount required : 10-20 lkhs)

2. My sisters education and maybe higher education in 3 + 2  (amount required : 14 lkhs)

3. My sisters marriage in 6-7 Years (amount requirred : 20-30lkhs)

4. My Marriage in 6 years (amount required : 20-30lkhs)

Current financial scenario:

1.  She has already around 13 lkhs which is invested all  purely in FDs. But all are almost in my name , for the sole purpose to avoid tax till now as I was student . Is it fine or should I make it more variable by investing in something else ?

(I have avoided ppf for the reason given in PS*. Please guide me to any other instruments which I can study and invest if required)

2. She has a house which we are right now living in . The cost of the house is around 30lkhs.

(If I am not wrong I should be seeing it as an asset or liability . Correct me if I am wrong . Also in future is it advisable to take study loan on the property you are living)

3.There is still ULIP accounts of almost 6 lkhs which are invested in SBI Life – Smart ULIP – FlexiProtect Fund  distributed in my mother , sister and myself. The plan gives return based on the highest value in the tenure( Please correct me if I am wrong).

(Should I keep on investing or should I shift them to a better option)

4. My mother has LIC jeevan ananand policy which she started in 2006 . SA is 2lkhs . Policy term is 59 and premium payment term is 16 .She has to pay yearly premium of 15k.

( I have read on forums and discovered the endowment plans are pathetic. Should I surrender the policy and start term plan, with the same premium? Should I continure otherwise?)

5. There is a plot of around 40lkhs in town under my fathers name which is my mothers

(Is there a necessity to pay tax on it ? should I change to my mothers name as soon as possible?)

6. Taken a religare health insurance for my mother for 5lkhs for which I save Rs 800 monthly.

7. 10000 every month I keep aside for my sisters education fees in the form of RD, from my mothers pension. ( Am I doing it right ?)

8. I removed another 10lkhs in the ULIP which she invested in wrong manner .

(Right now they are in savings account of my mother for past 15 days. How should I invest as I told you my goals ? . Should I slowly learn and save properly meanwhile they lying in the Savings or should I invest as soon as possible ? If I should invest what are the safe options?)

9. I will be getting salary of 34k per month .

(How should I invest so that I can use for my higher education after 22 years and at the same time save TDS)

Finally , thank you for the patience and time you invested to read and replying. I dont believe in spoon feeding . Just point me in the right direction and I will carry on my own . Also please keep the goals in the mind and the discontnuity of me being the bread winner of the family after 2 years.