Dear Experts,
I would like to seek your help in doing Financial Planning for myself. Will try to list as much info as possible.
Age = 32 years with wife & daughter (2 yrs old) and parents (57 & 53 ) as dependents
Salary = 3,00,000 INR per month
Expenses = 1,25,000 INR per month
No tax liability abroad.
Assets (real estate) = 65,00,000 INR (2 units of housing with no loan outstanding)
Gold = 9,00,000 INR (jointly held by parents & self)
Rental Income (going to parents) = 15,000 INR per month
Term Insurance for Self for Sum Assured of 1 Crore via online mode with annual premium of 19,551 INR
Oriental Insurance Family Floater for Self,Spouse,Daughter+parents of SI = 8,00,000 INR with premium of 22,622 INR per annum
Parents Monthly Income = 1,00,000 INR
Parents Monthly Expense = 35,0000 INR
Goals :
1. Support to Parents = Corpus of 10,00,000
2. 3rd Home in 2015 = Corpus for 20% downpayment = 15,00,000 INR
3. Child’s education in 2029 (Grad+PG in 2033) , Corpus = 30,00,000 INR as per today
4. Child’s Marriage in 2035 , Corpus = 15,00,000 INR as per today
5. Retirement Corpus for Self in 2041, monthly expense of 35,000 INR as per Indian living conditions
Please suggest me avenues where i need to invest in order to realize the above goals. I guess it is too much to ask but some answers in the right direction will help.
Cheers
Vin