Need help for financial planning

POSTED BY Jitendra Jogeshwar ON January 18, 2012 9:17 pm COMMENTS (3)

Me and wife are working. I do my savings from my salary by investing in following
1. 5000 per month in 3 ELSS Funds
2. term policy from lic
3. 2000 per month in diversified equity fund
4. 2000 per month in reliance gold fund
5. 3000 per month icici pernsion plan for parents
I am confused about how much should be in MFs and how much in fixed return investment for savings from my wife salary . we have about 25k per month to invest.
I have to plan for following goals
1. Child higher education(his one year old)
2. Our home (should be as soon as possible may be in next 3 yrs and already own a flat which can contrinute to about 50% to new home)
3. Our retirement (we both work in private firms)

3 replies on this article “Need help for financial planning”

  1. om prakash says:

    Hi Jitendra,
    i would recommend as below:

    1. You and your Wife should have PPF and deposit 5000/month
    2. yearly 20000 in NSC
    3. term policy from lic
    4. jeevan Anand for 16 yrs (this will help in child education)
    5. An endownment plan for 16 or 21 yrs.
    6. An health insurance for all in your family (this will be a catch point if something happens)
    7. 5000 per month in 2 ELSS Funds (reduce this to 2 ELSS funds)
    8. 2000 per month in diversified equity fund
    9. 2000 per month in reliance gold fund
    10. 3000 per month icici pernsion plan for parents
    11. Pension plan from LIC or any other (look out for 80 CCC type plans) invest 10K min atleast.

    I do not recommend Children life Insurance much, because the premium is higher. When u buy Life insurance, try to add riders like Accident Benefit, Total Disability, Critical illnes.

    Buying a home is always there.

  2. Hi jithendra,

    Assuming your age is <28 you can invest almost 50-60% of the total amount you want to save (25k i guess) in mutual funds , If u have idea about stock market then you can split the above amount like 35 and 20 % in MF and stocks respectively.
    Once you reach 40 its better to increase fixed return investments., 🙂
    If you think you don have enough coverage then add one more term insurance and also buy a health insurance plan 🙂 This will prevent you from losing money during tough situations .
    Please do mention the funds u have invested in
    Regards,
    Sri

  3. Dear Jitendra, Please answer following questions –

    1. Your age, your spouse’s age
    2. Your mly income as well as her mly income
    3. Do you or wife have PPF accounts if yes how much contribution is there yly
    4. Sum assured of your LIC Term cover
    5. Price of current house & new house
    6. Your retirement age & spouse’s retirement age
    7. Reason of investing in a pension plan for parents
    8. Name of MFs & ELSS you are investing in
    9. Your own fair assumption for your kid’s education for current year if the expense happens today (assuming that your kid is so much old as on date)
    10 Do you have any health insurance for your family (including parents) or provided by parents
    11. Parents’ age

    Thanks

    Ashal

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