Hi Friends,
While going thru the various questions asked in this blog I understood that how little my investment is and how late it is started! It is unfortunate that certain things / reasons behind that delay which was beyond my control. However, I hope, with your guidance I can do it in a better way at least now on. Hope you all will give your ideas if possible.
I have two daughters of ages 16 and 12. I am 46 now. For their education and marriage (not even think abt my retirement)I have started 6 Mutual Funds SIPs (a) Large Cap : Rs 5000/- pm (3 funds) (B)Small & mid : Rs 1000/- (C) Diversified Equity : Rs 1000/- and (D) Balanced fund : Rs 1000/-SIP started since 2011. (F) Also, Rs 5000/-pm remitting to PPF & current PPF bal is Rs 3 lac. (g)RD with bank @ Rs 2000/- pm and FD around 75000/- (h) another 75000/- is expected to be received from an LIC ULIP after March 2013(it is paid up now). Have a housing loan 7 years ago for 15 yrs tenure. EMI Rs 5600/-. After all this payments plus other day2day expenses, I can see only little in my salary a/c.
Now my doubts are listed below.
a) Exp for my 1st daughter’s education and marriage are not very far from now. For her education I am planning to take 40% from my income and 60% from edu loan. But for her marriage (after 7 years) min 15 lac needed at present value, then how much should I invest in mf & when should I shift the amt from Mf to bank considering the risk factor?
b)For my 2nd daughter’s education also, planned as above. For her marriage which is exptd. after 11 years. How much I should invest apart from the existing mf? & in which fund?
c) I don’t have any debt fund-SIPs in my protf. Do you think I am taking risk at this age investing in MF- equity? If so, what kind of investment can I follow to attain my goal? Pls suggest
d) My Co gives med. Claims to the family. have a term insurance for Rs 10 lac for which I paid Rs 8250/- per year . Since the age is 46, amt of premium is high. I know I need min 50 lac term policy but that will be costly and not affordable at this time.