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POSTED BY ON February 13, 2013 1:18 pm COMMENTS (2)
I am 25 years old and earn Rs 70,000 a month. I want to invest in equities. My near-term goals are to buy a car next year (Rs 6 lakh) and a flat in Bengaluru (Rs 30 lakh budget) in 2 years time. I give my retired parents Rs 10,000 a month but at least Rs 35,000 is available for investment. I already own property in my hometown, gifted by my parents. I have Gold ETFs worth about Rs 3 lakh, which I can sell this to buy the flat. I am not married and probably won’t be for another three years. No other investments as yet as I was repaying a bike and education loan with a considerably lower salary. What percentage of my investments should be for near-term and how much for long-term (retirement and insurance)?
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Dear Etaxmentor, do you really want some serious advice? if yes is your answer, please follow 25%-75%.
What’s this 25%-75%? Well, out of your income of 70000 Rs. only use 17500 Rs. mly for your all expenses & keep remaining 52500 Rs. in your bank account. Keep doing this for next 9 months. Test on your own how much disciplined you are in your financial dealings?
By the way asking for Eq. for a next 6 months to 12 months’ goal is a sure shot recipe to disaster.
Thanks
Ashal
For retirement use this calculator:
http://freefincal.wordpress.com/retirement-calculators-3/online-retirement-calculator-version-2/
Use the “Insurance Calculator for the Young” link in the same webpage to calculate your insurance need.
You can also download the step by step guide to choosing equity mutual funds there
Don’t invest in equity your short term goals