Hi Team,
I am quite confused and also need help in terms of advice on small regular investment options. To start with I am 26 year old guy from Kolkata. Had lost my father 2.5 years back and I am myself working from past 3 years post completion of my MBA. Our financial history is really bad, my father had huge losses in business and share market thus our house was sold to repay the debt.
He didn’t had any good insurance and all his savings were drained in my and my sister studies and repaying debt. Thus I have a huge task in front of me to stabilize my family income, security and also strengthen our savings and wealth.
Now in this 2.5 years I have managed to take a homeloan of 20 lac and buy a home of around 40 lac in Kolkata itself first as it was utmost priority. I have opened a PPF account soon and I am investing into same till full limit from past 2.5 years. Now my total earning is approx 85000/- per month and thats my full family income. My homeloan emi comes to 19070 from sbi @ 10.15 % interest for 30 years. I amplifying extra 6000/- i.e; 25070/- in total towards home EMI as a method of paying of 72000/- annualy towards early repayment of loan as cant continue the loan till 30 years. After paying away all the expenses I invest around 8400/- month towards PPF equal contribution to reach 100000/- figure mark without fail. ( Though last year I nvested 60000/- as a bulk in PPF from my annual bonus ). Also I have a bought good term ( Religare) and endowment (LIC) life insurance policy for myself seeing the tragedy with my father and troubles we are into. The amount is approx 1.5 crores .
Also have purchased good Mediclaim for me and my family from MAX BUPA. Now to meeting the premium requirements which are approx 1,10000 annually approx I keep aside 15000/- monthly extra as a liquid in Savings account as dates of payment are scattered through out the year. Also this savings help me in meeting annual excursions trip, contingency cash and for Tax payment purpose. Now I have 10000/- extra which I am not sure what to do with. Either I can start SIP, or open a 2nd ppf account in name of my Mom . The whole idea as mentioned above is to save as much as possible before 40.
Also somebody suggested me to start accumulating wealth as a fixed target of opening Bank FD every year say 100000/- or 200000/- and keep adding the same every year and thus in 10 years I may achieve a good corpus . But not sure if bank FD, post office MIS, Mutual fund or 2nd PPF what is a good option ?
If there are any other good options please let me know.
I am very confused and nobody to help also.
Thanks
Vijay