Personal finance – Finance health check request ?

POSTED BY Kumar.niraj ON February 28, 2014 3:09 pm COMMENTS (3)

Hi,

I am not a good invester but last few years i tried to be. Can any investment Guru or expert have a look at my financial status and suggest me better to achieve my goal.

Particular Amount(Earn/Expense)
Income per month 130000/Month and  22 laksh/Year
Expense per month 30000
Me and my wife working Yes
PPF for me  1 Lakh/year
PPF for My wife 1 Lakh/year
EPF for me 102000/Year and total as of now – 6 lakhs
EPF for my Wife 30000/year and total as of now – 1 lakhs
Stock/shares 2 lakhs and more more additions
Mutual funds 60000/year total 2lakhs as of now
ULIP  85000/Year total 4lakhs 25 Thousand as of now 
LIC 35000/year and last 5 years its on
Term plan  1 Caror coverage.  10000/year
SBI accidental insurance 4 Lakhs coverage. 100/year
Fixed deposit 1 Lakh
Infrastructure bond 20000 for 10 years taken on 2010
Infrastructure bond 20000 for 10 years taken on 2011
Recurring deposite 10000/Month
Cash in Bank  6 Lakhs in hand
Property 15 lakhs Land
Property 3 lakhs land
Gold  4 lakhs 
Car  Owning a Car  no Loan (7.5 Lakh worth) and no plan to buy another in future
Total Loan NIL
Medical Insurance 4 Lakhs coverage. No premium (paid by Employer)
Life cover by Employer 40 lakhs
House  Living on rent
Two Wheeler Have  bought 1 using Cash
Family Having 1 Son 3 months old  

Future plan: To buy one home for renting out (For investment )

To buy one home to live in.

Regards,

Niraj

3 replies on this article “Personal finance – Finance health check request ?”

  1. ashalanshu says:

    Dear Kumar, please define the good plan for your wife. What special things should be there in the term plan for your wife?

    How can I answer for your wife’s RD and jewelry when you can not ask a question to her yourself?

    Thanks

    Ashal

  2. Kumar.niraj says:

    Thanks Ashalanshu,
    I am also searching good term plan for my wife. I have completed 5 years in ULIPs and in the beginning ULIP charges were more so in 4 yours i could see fund value is same what in invested. But From 5th month as Charges are almost null and i could see fund value is raising. I have planned to continue 10 years so that so that i can get good earnings. As ULIPs give benefit in long term.
    Yes i realized i need to increase in Mutual funds so from next month i would do that for sure.
    My wife is doing RD and there is tax on that interest. Not too sure whether to continue or stop? I think she does RD for 1 year and used to buy jewelry from that interest 🙂

    Can you please suggest me what more do i need to do ?

    Thanks,
    ~Niraj

  3. ashalanshu says:

    Dear Niraj, what about term plan for your wife? Why you are continuing your ULIPs? Why are you not increasing your MF SIPs? Why are you investing in RD?

    Thanks

    Ashal

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