Hi,
Please suggest me over the following portfolio as do i need to have any change in my portfolio to accomplish my targets.
Age: 27 Years
Unmarried
Salary: 50K PM
Monthly Exp: 10 K PM
Target:
1: 3+ Crores at my retirement time
2: 1 crore for my children’s(2) education and marriage.
3: Planning to buy a car by next year of 7-8 lacs
4. Assist my father in my sister’s marriage in 4 years from now.- 10 lacs.
5. Purchase a house in 10 years.- 50 lacs.
Recurring Deposits:-
1. 9900 PM @ 10.75% (Twice withdrawalable annually)
2. 1000 PM @ 12.25% (50% Withdrawalable after 5 years and after that every 3 years)
LIC:-
1. Jeevan Anand – 10 Lacs cover (20 years premium @ 4523 PM)
2. Money Back – 10 lacs cover (25 years premium @ 4412 PM, 1.5 lacs cash back every 5 years and 17.5 lacs in the 25th year).
3. 3 other policies for which my father is paying- 30k per annum.
I understand this is not a good profile for someone who has been working for last 5 years. I expect my salary to double in 4 years from now and treble in 8 years. As of now, I have no liabilities. I plan to invest in mutual funds but have no knowledge about it. Please help me about how to distribute my income in debt and equities. Also, I do not have a PPF account as it doesn’t seem very useful to me at its current rate of interest, the lock in period of 15 years, and the uncertainty around the future probable rates of interest.
I am currently paying an annual income tax of 30k despite completely covering the 80C with LIC and PF money. As tax saving infrastructure bonds are no more an option, it would be very helpful if someone suggests me a way to save more.
Thanks for your patience,
Navneet Kumar 🙂