How to make Rs 1.15 crore for my child's higher education?
Rs 27 lakh after 17 years for my child’s graduation
Rs 1.15 crore after 23 years for her higher education abroad
Rs 2.5 crore after 27 years for her marriage
At the age of 60, I want to have Rs 3.5 lakh per month for my expenses after retirement
I am a 30-year-old salary man and I am investing Rs 10,000 via SIP in Mirae Asset Tax Saving Fund (Direct Growth). Earlier, I had an SIP of Rs 2,000 each in Axis Long Term Equity Fund and Franklin India Tax Shield Fund (both Tax saving). I have closed them and both have a balance of Rs 23,000.
I have also accumulated around Rs 2.5 lakh in my EPF account and is contributing Rs 2,800 every month. Also, I have Rs 2.5 lakh in my PPF account. I have also opened a Sukanya Samriddhi Account for my daughter. I am taking full advantage of the Rs 1.5-lakh limit under Section 80C.
At present, I can take out Rs 15,000 per month for starting my SIP. Kindly suggest a route map or portfolio to follow to achieve my goals. I have a long-term horizon and can take moderately high risk.
-- Rohit Gupta
Chokkalingam Palaniappan, Director, Prakala Wealth Management, responds:
Let us take just one of your goals, retirement. To get Rs 3.50 lakh per month, you should have a corpus of Rs 6 crore when you are 60. This is assuming you will be able to generate at least 7 per cent per annum at that point of time. To get Rs 6 crore, you should be investing Rs 21,000 every month for the next 30 years. Similarly, you have to invest Rs 5,000 per month to create Rs 27 lakh by the time your kid enters college. Together you have to invest Rs 26,000 per month.
Currently, you are investing Rs 10,000 per month in Mirae Asset Tax Saver Fund. Invest another Rs 10,000 in HDFC Small Cap Fund. You can assign both these funds for your retirement. Invest Rs 5,000 in Invesco India Growth Opportunities Fund for your child’s education.
As your surplus increases, you may plan for child’s higher education and wedding.
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