POSTED BY December 26, 2014 8:12 pm ONE COMMENTON
previously i got every good response from this group. I learnt a lot specially from ashal and other experts in forum and from Manish and other author’s articles.
So after reading the Q&A’s and articles i took some time to streamline my financial life, repay the silly credit card and Personal loans. Luckily my home loan was also small (small property) so i closed that too.
After all this started working on Financial planning for self.
I am married age 30 and annual salary is around 10lacs. Father and Mother are retired teacher and Wife housewife.
I started with Term Insurance : took 1.5 cr Term insurance from HDFC. Planning to increase it later after child.
Health Insurance : Planning to take family floater for me and wife in March since I wont be getting tax benefit this year because company time lines. Father and Mother are senior citizen so did not got any suitable HI policy for them.
Surrendered all the crap insurance policy’s with high premiums after seeing ashal and other’s repeated suggestion on forum. Also realized why to close them when did the calculation in excel.
After monthly expenditures and tax deduction i get around 50k surplus money. Out of that i started 1 10k RD for PPF account. Every year I will be investing it between 1st to 5th April.
Since my parents don’t have HI I started 10k RD just for on there name. Every year once the RD gets complete they will be keeping the money in FD. I know liquid funds can be better alternative but since my parents dont stay with me and they are comfortable with FD opened it in my hometown branch.
After this every month i can save 30k out of that 15k i want to invest for short term target of Car which i am planning for 2016 mid rest 15k i want to invest for long term (20yrs and onwards) for my retirement corpus. My various calcs found that 15k is not enuf but still starting with it and will increase the amount later.
So after the long story (sorry for troubling u all) here are my Questions :
1. Where should i invest the 15k bucks which i want to invest for short term goal. Again RD or any other option?
2. In Which mutual funds i should invest the remaining 15k? After some study and reading articles i came up with following options. Can any one suggest which option i should choose?
ICICI Prudential Focused Bluechip Equity ORUTI Opportunities
Mirae Asset India Opportunities OR Quantum Long Term Equity
Mirae Asset Emerging Bluechip OR HDFC Mid-Cap Opportunities
I shortlisted these options based on various data from valueresearchonline.com. If these shortlisted options are good please suggest 1 each out of 2. also suggest other fund if the shortlisted one are not good. (Please give reason for rejecting these shortlisted one. It will be learning for me).
Also i would like to know if i can go for 1k SIP in these 2 funds(Decision is emotional one not data based)
2. Franklin India high growth companies fund.
3. Which Accident insurance cover should i take to protect myself in case of disability of death? (I did not got chance to go thru various policy’s so couldnt came up with shortlist)
Please guide me by giving your expert opinions. Thanks in advance