|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
|Delhi||Rs. 24200.00 (1.26%)|
|Kolkata||Rs. 24160.00 (0%)|
|Kerala||Rs. 24000.00 (0.63%)|
|Bangalore||Rs. 23800.00 (0%)|
|Hyderabad||Rs. 24140.00 (1.17%)|
I changed my profession this year and as a result, had to take a cut in my pay by 40 per cent. Today, I earn Rs 35,000 in hand every month. I have been investing in three large cap funds (via SIP of Rs 5,000 each) and three Ulips till last year. Though I would like to continue with the SIP in mutual funds, I don't think I can put money in Ulips (premium of Rs 30,000 each). My goals are to buy a house in three years and go on an international trip by 2014. How do I continue investing to meet my goals without any interruptions? Are there any cheaper avenues to invest than Ulips? I am 35 and married.
Under these circumstances, the first thing you should do is to opt for a pure term insurance of around Rs 50 lakh. At your age, the cost would come to around Rs 10,000 a year. Also, review your family health cover and ensure that it is enough to cover you in case of an emergency.
Your other two goals of buying a house and going on a foreign trip should only be considered once your professional life reaches your planned level of achievement.
I am 26 and have been working for two years. I earn Rs 45,000 a month. I do not have any dependents. My monthly expenses are Rs 15,000-20,000. The rest is saved, though I am yet to start investing the money. I want to buy a car in six months. The equated monthly instalments (EMI) is expected to be Rs 8,000-9,000. How can I achieve this goal? I also want to start investing the money that I save every month. What are my best options?
You have been saving around Rs 25,000 a month for two years. So you must be having around Rs 6 lakh at your disposal (25,000x24 months). Check your bank account and ensure that you have the funds. In case you plan to buy a car, you have the option of going for a loan on paying cash, as you are having a substantial sum at the bank (around Rs 6 lakh). Even if you buy it on EMI, you would still have around Rs 15, 000 a month in savings (after EMI). So, it is time for you to invest in a balanced manner. I suggest you first buy a health cover of at least Rs 5 lakh sum assured. As for the remaining surplus, you may put 30 per cent into the New Pension Scheme. This will help create a pension flow once you retire. The remaining 70 per cent may be put in mutual funds (60 per cent of that in equity-based funds, 20 per cent in gold-based funds and the rest 20 per cent in bonds).
Also, you could park 50 per cent of the money currently in your savings account in short-term bond funds for better return.