Recently only I have seen this site and thought of sharing my issues with you anticipating your valuable suggestions. I am 46 now working in a pvt firm.  I never given serious thought and importance of financial planning and I simply wasted my good time in investing in LIC’’s and other non-profitable plans and now realized my mistake and regretted. I know I am too late in asking this however still I hope if you could help me advice for changes/modification in my existing portfolio.

I am the only earning member of my family that having my wife 37 yrs and 2 daughters of 16 years and 12, father and mother.  My investments and loan details are furnished under. Could you kindly help me if I am on the right track or whether should I make some modification in the existing investment plans to achieve my goal?

i)Gross Income Rs 40000/- per month including HRA/TA
ii) Medical claims can be availed up to Rs 84000/- per annum presently from the company (Amt connected with basic pay)

Liability

i) Housing loan for Rs 5 lac from SBT for 15 years. Repayment started since  2005-06. EMI @ Rs 5600/-

ii) Loan for Rs 35,000/- on agriculture purpose @6% interest per year.  Repayment already started and Rs 10,000/- still balance to be paid.

Investments

A) PPF : Depositing @ Rs 2500/- per month. Present balance: Rs.2, 65,000/-. PPF A/c Opened during 11/ 2007

B) Beema Gold TREE – Gold purchase plan: @ Rs 4500/- (Average) since 7/2011-for 18 months.

C) L I C :

1. Wealth Plus. Sum assured: Rs 1 lac , Rs 5000/- per quarter, Started 2010(policy term : 5 (premium payment term :
2. Money back -20 yrs, Sum assrd : 1 lac , Rs 1692/-per quarter . Started 2001 – 2021
3. Marriage Endwmt/Edu annty plan. Sum assrd : Rs 25000/-, Rs 352/- per quarter. Started 1996-2014
4. Marriage Endwmt/Edu annty plan. Sum assrd : Rs 50000/-, Rs 862/- per quarter , strtd 2001 – 2016
5. New Bima Kiran, Sum assrd : 1 lac , Rs 886/- per half year, Started 2002 – 2022

6) Term Policy for 10 lac SBI Life Saral Shield Level Term @ Rs  8402/year

7) Personal Accident Insurance Scheme (United India Insurance CO @ SBT) Sum insured: Rs 5 lac. Debit  only Rs 100/-  per year from SB A/c towards premium..

D) Fixed Deposits

a)Rs 40,000/- @ 12% since 10/2011

b)Rs 25,000/- @ 12% since 11/2011

F) Bank RD @ 1000/- per month since Sep 2011

G) Shares just started but no confidence in continuing. Dhanalaxmi bank 25 shares + ONGS 20 shares

G) Mutual funds

Existing value for all the above MF till dt is 1, 58,162/-

My Goals

a)      Education for my 1^st daughter Rs 3 lac after 2 yrs and 13 lac (present value) for her marriage  after 7 years.

b)      Education for my 2^nd daughter Rs 5 lac after 6 yrs and 15 lac (present value) for her marriage after 12 years.

c)       I wanted to buy a small car for 4 lac in two years but I am afraid whether I can do this or not especially with the big expenses ahead in the near future.

I will wait for your valuable suggestions and advices.

Thanks Lakshman