Hi, I severely need your precious help in financial planning. Below are my details:
Monthly Take home salary: 1,70,000 INR
Monthly expenses: 65,000 INR (including Home loan EMI of 21500 INR)
Insurance taken: 1 Cr – Aviva i-term life insurance 5 Lacs – LIC Jeevan Anand Policy Loans taken: 10 Lacs (SBI home loans) for 60 months (remaining months: 15 )
Cash in hand: 10 Lacs
Gold coin in hand: 40 grams
Financial goals:
Retirement – 1 Cr by 2044
Child education: 30 L by 2030
Child marriage: 20 L by 2035
Please suggest me how and where should I invest to fulfill my goals. Currently I am investing 10,000 Rs / month in PPF & 1800 Rs/month in PF. I also take 20 grams of gold every year.(Gold in hand = 40 grams) I am ready to invest in mutual funds but not getting where to start with. Also please suggest if I should invest in Direct/Growth/Growth dividend type of MF – I don’t really understand it. Thanks a ton in advance !!!