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Financial Planning: Malhar Majumder

Source : BUSINESS_STANDARD
Last Updated: Tue, Sep 04, 2012 19:16 hrs
Cashier counts currency notes inside bank in Lucknow

I am 30 and will be getting married next year. I have my own business and earn Rs 70,000-80,000 a month. How should I start saving for the future? I have sufficient life insurance. I make a fixed deposit of Rs 20,000 a month. What are the other investment avenues I can look at?
You said you have taken sufficient life cover, but ensure that the same would be enough to yield Rs 50,000 a month for your would-be wife if anything happens to you. Also, you are making a monthly fixed deposit of Rs 20,000. This way you are inviting unnecessary tax liability as interest income on fixed deposits is fully taxable. I suggest you spread your investments between PPF, New Pension Scheme and balanced mutual funds, which would increase your yields and minimise taxes.

My daughter will be getting married next year. I need to buy jewellery for her. Given the gold price today, I wish to delay the purchase. However, funds (Rs 4 lakh) are lying idle in my account. Where can I deploy it? Will gold prices rise further?
Gold prices have risen significantly over the past few years. Though we can't be sure that the same will correct, if inflation is tamed a little we may see some fall in gold prices. Under the current circumstances, you may park your idle funds in a short-term debt mutual fund, which will offer you better tax-adjusted returns.


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