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Dec 06

Golden Rules to Reach your Goals

?I am 40, employed in the Gulf. My wife lives in India. My daughter is five and son, three. I have constructed two houses in Chennai using all my savings.
My parents and parents-in-law live in these houses. I am planning to work in the Gulf till 53 and then retire. I am okay about investing in equity. Do let me know when I can reach my goals.
Mohammed
Time and again, investors are advised not to put all their eggs in one basket but the advice is often not heeded. You could have avoided putting Rs 2 crore in the real estate market. Given that the job market in the Gulf is not all that stable, ending up with a liability of Rs 40 lakh is not desirable.
Steps to Reach Your Goals on Time:-
If you work for the next 13 years, you can comfortably reach all your goals.
Since some of your goals are to be met after your retirement you need to accumulate the corpus early and it should be allowed to be invested till the goals are reached.
For instance, your daughter’s marriage is scheduled for 2037. To reach the target of Rs 60 lakh in 20 years you need to invest rs 7,300 for the next 13 years; it will account for Rs.27.2 lakh. If you stay invested for the next seven years at 12 per cent, you can reach the target. Follow the asset allocation of 60:30:10 in equity mutual fund, debt and gold.
During your next visit, buy term policy for Rs 2.6 crore and buy health floater policy for Rs 5 lakh each separately for your parents, wife and in-laws parents-in-law.
The writer is a SEBI registered investment advisor and founder, myassetsconsolidation.com Send your queries to blinefp@gmail.com
(This article was published on December 3, 2017)
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