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POSTED BY ON June 1, 2012 1:46 pm COMMENTS (5)
I am a female (age 29 yrs), earning 45000pm. I have two LIC policies for 10 yrs period, premium 6000 and 12000. i have also invested 30000 in LIC samrudhhi plus. I have a PF account in the post office which I opened last year only with 50000. I have absolutely no idea about how to make financial plans. I have always invested money based what people from family, friends have suggested (complete nishaani of a “soya” invester )…..but now after joining jagoinvester I know that one should plan his/her finances. I have the following requirements now:
1) what shall I do if I am aiming at having 1cr after 10 years (I can invest 10k per month)??
2) my husband is having a home loan of 16lacs for 20yr with interest rate of 11.5% from HDFC bank , we are planning to pre-pay 100000 per yr, is it going to be helpful or shall we think of investing tht money somewhr else??
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Using back of the hand calculations,
A real-investment-return rate of 4% over 10-year period, you will need to invest close to 70k per month (plus increase it by the amount of inflation per year, meaning if 10% is the inflation then increase it to 77k next year and so on). This will give you 1 crore (real values) after 10 years.
For same thing in 20 years, put 30k over 20 years.
I hope this wakes you up about how things really are.
Thanks Ashal for your response……I am interested to go for Family financial planning but both me and my husband are clueless about how to invest . Can you tell me what are the charges for if I opt for this family financial planning??
Dear Ridim, if you are asking for paid financial planning services, please contact me on my personal mail id.
ashalanshu@gmail.com
From the reply of dear Ramesh, you can understand that there is a difference between the dreaming & actually realizing our goals.
Thanks
Ashal
Please get your statistics right.
1 crore after 10 year, but you will be able to invest 10k per month (translated into 1.2 lakhs a year = 12 lakhs investment over 10 years). There are no magic wand available, unless you have aladin’s lamp to get a 45% CAGR over the next 10 years.
Please get in touch with reasonable financial planner (i know Manish/Nandish and Ashal). And please tone down your expectations. Besides you have invested for a long time in downright horrendous products (please check the returns in them).
Dear Ridim, for the fact that you are married & at the same time your husband is running a home loan, my take ‘ll be to go for a family financial planning. Please update with your views on this.
Regarding that HDFC home loan, first of all ask your husband to visit HDFC local office & ask for rate reduction. After paying 0.5% processing + Service Tax, your new rate ‘ll be 10.5%. That ‘ll be an immediate saving. Regarding that 1L Rs. if you can earn more than this 10.5% interest, invest else prepay.
Thanks
Ashal