Dear All,
I got job one year back. My Age: 33years Dependents: Wife and one son (3years) My Gross Salary: 32000PM and take home salary: 26000 PM.
My Goals:
1. Child Primary Education.- From Savings
2. Child Higher Education.in 2021- Investing in Mutual Funds & PPF
3. Purchase Land in 2years-From Savings
4. Retirement in 2037- Investing in Mutual Funds & PPF
Savings:
1. Monthly Chit at Relative-2000 PM- gets min 18% return-Believable
2. Monthly Chit at Friend-3000PM-gets min 11% return-Believable
Mutual Funds from Nov 2012:
1. HDFC Equity-1000PM
2. Canara Rebocco Equity Tax savings-1000PM
3. ICICI Pru Focused Bluechip Equity Retail-1000PM
4. Quantum LongTerm Equity -1000PM
Insurance:
1. ICICI Pru-Term Insurance for 20Lakhs
2. Kotak-Term Insurance for 27Lakhs
3. ICICI ULIP-Life Stage Assurance-SA 75000-Premium 1250 PM-Will be completed 3years in Nov 2012 and so want to discontinue. Please advice to continue or not.
3.LIC Bheema Gold-SA 1Lakh-Premium 2000 Halfyearly- Discontinued from this year
4.LIC endowment-SA 1 Lakh-Premium 1200 Yearly- Continuing
5 Employer Group Insurance-SA 3Lakhs-Premium-315 PM
5. ICICI Child Policy-SA 4Lakhs- Premium 20370 yearly- Paid only one premium- Want to discontinue and forego 20370 already paid as per the advice of this forum.
Others:
1.PPF account opened in May 2012
2.Bank FD-60000
3.Bank balance-20000
4.Gold ornaments-2.5 Lakhs
5.Loan for purchasing Fridge (0% Interest)-1280 PM- another 2months to pay.
6. Medical expenses will be beared by employer (PSU)
7. EPF -3680 PM
7.I have no other assets and liabilites
As my employer (BSNL) is in huge loss, I have little fear of job security in longrun though it is PSU.
Please advice any changes and additions or deletions to be made as per my goals. I will provide any other data if required.
Thank You
R Siva Prasad