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POSTED BY ON March 20, 2011 11:01 am COMMENTS (6)
Good morning, I m 27 yr old married doctor & in teaching profession
In my post graduate years only i have keen interst in financial planning, in my early years due to lack of knowledge i had taken endowment policy (LIC jeevan tarang) & a ULIP ( money plus) but in later yrs due to awareness & through ur forums, i lapsed all previous policies after payment of 3 succuessive yrs.
MF: I had started 2 SIP (each 2500Rs) namely : BSL frontline equity (G), HDFC top 200 (G) 1 1/2 yrs back , i have registered SIP of HDFC top 200 G again (Rs 5000) in this month, & also planning to start HDFC eqity & IDFC premier equity ( 5000 rs each) so my total SIP through MF will be 20000 rs, im planning for mid – long term returns( 5 – 10 yrs)
Retirement: statred PPF acount of 70,000 this yr
Insurance: taken Aegon religare i term plan of 50 lakhs for 20 yrs with premium of 5350 Rs.
my wife is also doctor, together we are earning about 75,000 / mt, planning same investment for my wife also in terms of MF, PPF & insurance
Now we are expecting a child in october, so what additional things we can do for chid such as child plans/ MF etc
also I m planning to buy a new car of 5 – 6 lakh in near future, so what will be my right time to buy?
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Even i would say Drop HDFC top 200, as Birla sunlife and Hdfc Top 200 both belong to same class ( Large and Midcap) and there performance is same. SO delete one.
Remaining HDFC Equity and IDFC Premier is good funds continue them.
Also, take a look at this.
http://www.subramoney.com/2011/03/financial-planning-questions-like-this/
I would say, you can drop HDFC Top 200 (bc you have HDFC Equity and BSL FL). So keep 3 funds. Invest in them regularly or in lumpsum.
You can add one Debt fund like BSL Dynamic Bond fund or an Income fund for Debt portfolio.
for all your goals. whether retirement or education or marriage or …
You can try and keep different accounts/folios for each purpose.
Putting that much amount of money in PPF (to me) is not advisable. Put it in a debt fund.
Gradually, increase your investments according to your pay.
About your car, if you buy a car of that amount (by loan), you will be paying close to 11-13k per month. So remember the utility of your car. go for a value-for-money car.
And dont indulge in any “emotional” buying in relation to your child. = Dont buy child Ulips. You have already understood the concept of Ulips/endowment policies and their utility. So, dont get sucked into it again.
Keep it simple. And do educate your wife for all basic things related to investments and insurance.
Ashok
Your right time to buy your car will be when you really need it and also able to afford it , If that happens tommorrow , then you can but it tommorrow .
Dont you think putting 70k each year in PPF is too much for you ?
Manish
Both of you are commented about PPF account money,
so ideally how much i should regularly add in PPF?
Consider PPF to be part of your debt portfolio. It has a fixed ceiling and a fixed return plus a long illiquidity (which to me is the biggest hazard).