A lot of ground needs to be covered in a short span and there is no better way than investing in equities, says Aakar Rastogi
Amit Barolia is 31 years old and works in the life insurance industry. He has two children—5-year-old daughter Durvi and son Mikul, who is just 7 months old. Barolia has some financial liabilities which includes a personal loan and a home loan.
As such he has just set out on his journey and while doing so, at this stage of his life, care must be taken not to be overly conservative but rather go out and make hay while the sun shines. Their household expenses are approximately 84 per cent of the income and they are left with `8,000 as saving. There is so much magic that can be attained from this money and also by restructuring some of the existing investments.
Children’s education
Education costs are spiralling every year. Planning early for children’s education will ensure that you do not have to compromise on this front when the actual need arises.
To give a fair idea of Amit’s financial goals, the `5 lakh requirement for education now will become approximately `9.83 lakh in 2026 for his daughter and approximately `13.79 lakh in 2031 for his son. This is assuming an inflation rate of 7 per cent annually. To fund this, Amit would need to earmark `3,500 every month for his daughter and `2,000 every month for his son. This is assuming a growth of about 14 per cent annually.
Bu hikaye Outlook Money dergisinin July 2016 sayısından alınmıştır.
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Bu hikaye Outlook Money dergisinin July 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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