Start Investing Early To Be Able To Create Wealth.
Rahul Patwal, aged 33, is a young professional working with Tata Consultancy Services (TCS) as an Associate Consultant. He resides in Delhi with his wife and daughter Shagun, aged four years, in his own house. His wife is a homemaker. The monthly household income of Patwals is One Lakh and monthly household expenses are 50,000.
Patwal wants to create sufficient corpus for higher education and marriage of his daughter. Apart from this, he wants a regular income of 50,000 per month for his post-retirement household expenses. He will retire at the age of 60 which is still 27 years from now. He would need 25,00,000 (Rs Twenty Five Lakh ) after 15 years for his daughter’s education and 50,000,00 (Rs Fifty Lakh) after 20 years for her marriage. The suggested financial roadmap for Patwal is as below-
Contingency Fund It is necessary for every family to keep some emergency fund equivalent to minimum six months of house hold expenses. An unforeseen future and unavoidable circumstances rarely give any alarm and during the difficult time emergency fund gives vital support in many folds.
For Patwal, a reasonable Contingency Fund must be 3,00,000 (Rs Three Lakh) since his monthly expenses are 50,000. This amount should be kept invested in Ultra Short-duration debt funds. Easy availability of this fund, in case of need, is of the prime importance which one should always keep in mind.
Action: Maintain Contingency fund of Rs Three Lacs by investing in Ultra Short Duration Fund Health insurance
Denne historien er fra November 2018-utgaven av Outlook Money.
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Denne historien er fra November 2018-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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