POSTED BY October 5, 2012 5:42 pm COMMENTS (2)ON
I started working 2 year ago and have an income of Rs 50,000 per month. I spend Rs 17,000 on loan repayment and Rs 15,000 on other expenses. I wish to invest the rest (about Rs 19,000). I also have a need for Rs 6-7 lakh cash after 1 years and also plan on invest for the long term. What should I do?
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2 replies on this article “plan on invest for the long term. What should I do?”
Monthly 19000 if you invest in an RD of 9 percent interest for 1 yr maturity amount be 2.39L
But u need to consider the tax for the 11000 which is earned as interest.
I assume you are in the 20 percent slab and 2.37L u will be getting on the maturity of the RD.
For a very short term u can see your risk apettite and based on that you can go for any of the debt funds.
Sorry to tell you.Your funding for the goal of 6-7 lakh in one year not possible my friend. so you need to better postpone the goal by one year. and keep invest in RD you will get a 5L at the end of 2 yrs.
You can do the RD in your father s or mothers name if they are in the lower tax slab which will save you few thousand bucks.
In case if you want to a risk you can invest in RD along with the debt funds also(split the amount ).
Regarding your long term investment
Pls complete your loan and if you got any hike you can invest in Mutual fund via SIP .
You can start of with a balanced fund HDFC prudence.
Pls feel free to ask your questions
If you want 6 or7 lakh in one year then please start rd or invest in some debt fund to come closer to ur need. For long term please think after that. In between educate urself on financial planning.