Hi
My name is rajesh. As my search yields over the internet i came to know i am just another software engineer who knows nothing about personal finanace or how to manage my finances .They should have taught me these things in school 🙁
Anyway I have just started my career (just 2 months ago) . My current age is 25. The CTC i’ve have been offered is between 6-7LPA . My parents are government employees and will be retiring next year . Now i’ve got a lot of queries about tax deduction,savings,investments,insurance so i’ll be listing them one by one. Hope you guys will be able to clear my confusions and help me out in making wise decisions regarding my future.
1. I am thinking of buying a term insurance of around 1Cr. With which comany do you guys suggest i should go for and how many terms ? Should i divide the amount among different companies ? I shortlisted aegon,aviva,bharti axa and HDFC . My parents are not in favour of private players and want me to go for some LIC plan which will offer me some returns as it ends(but huge premiums :O ) . PS : Genetics say average life expectancy in my family is 70-80yrs.
2. I already have a ULIP policy called sbi unit plus-2 regular bought in 2008 and paying a premium 0f 24k annualy since then. What to do with this ? I haven’t read good things about ULIP over the internet ?
3. After buying insurance what other options i have got to invest ? Mutual funds,SIP,stock trading ? Do you suggest a personal finance advisor or will i be able to manage these things on my own ? I do not know anything about these as of now.
Please consider the fact that hiring a personal financial advisor cost anywhere between 5k-30k . Will he be able to help me out in making descions which will reap me enough profits to justify his/her fee ? and if yes please advice me some good finance advisors.
Note :- I might go for further education before i reach 30.
– Getting married around the age of 28-29.
– Can hop jobs in future.
– Parents are very strictly against private players in insurance and other sectors. They want me to go for LIC and keep my money safe in bank which i am not in favour of.
– All advices,books,sites articles regarding these you can suggest are welcome.