Family finances: Salaried Raj can meet his financial goals with ease

Sam Raj is a marketing professional , who is currently single and receives a monthly salary of Rs 2.1 lakh. He stays in a rented accommodation in Hyderabad, but has bought a house worth Rs 75 lakh, so he has taken a loan of Rs 55 lakh and pays an EMI of Rs 55,000. In addition to the house, its portfolio includes shares with a value of Rs 46.2 lakh in the form of shares and stock funds; debt in the amount of Rs 18.8 lakh in the form of FPE and debt funds, and cash of Rs 22,000.

His goals include building an e..

According to Fincart, Raj can build an emergency fund of Rs 5.8 lakh, which is equivalent to six months of expenses, allocating his cash, shares and a portion of the debt funds. This should be invested in an ultra short-term debt fund. To accumulate Rs 2 lakh for a vacation in a year, Raj must start a SIP of Rs 16,147 in an arbitration fund. To build a corpus of Rs 1.5 lakh in a year for your niece, you can allocate your debt fund. To buy a car worth Rs 8.9 lakh, you can allocate your remaining debt fund.

Due to the surplus, you can invest Rs 5,000 per month in a capital fund for the creation of wealth. The annual return is assumed to be 12% for equity and 7% for debt funds. It is assumed that inflation is 6%.

Since Raj plans to get married soon, she wants to save Rs 2.1 crore for the education of her future son in 19 years and Rs 3.04 crore for the child's wedding in 28 years. Both objectives can be achieved by assigning your corpus of capital funds and no new investments are required. For retirement at 17 and..

For life insurance, Raj has two long-term plans worth Rs 1 million. Fincart suggests that you suspend these, and instead, buy a long-term plan of Rs 1.5 million rupees for Rs 2,427 per month. As for health insurance, Raj only has Rs 3 lakh coverage from his employer. Fincart recommends that you buy a family floating plan of Rs 5 lakh and a recharge plan of Rs 20 lakh, which will cost Rs 811 per month. For his parents, he can buy a Rs 3 lakh plan for a monthly premium of Rs 2,537 per month.

Since Raj plans to get married soon, she wants to save Rs 2.1 crore for the education of her future son in 19 years and Rs 3.04 crore for the child's wedding in 28 years. Both objectives can be achieved by assigning your corpus of capital funds and no new investments are required. For retirement at 17 and..

For life insurance, Raj has two long-term plans worth Rs 1 million. Fincart suggests that you suspend these, and instead, buy a long-term plan of Rs 1.5 million rupees for Rs 2,427 per month. As for health insurance, Raj only has Rs 3 lakh coverage from his employer. Fincart recommends that you buy a family floating plan of Rs 5 lakh and a recharge plan of Rs 20 lakh, which will cost Rs 811 per month. For his parents, he can buy a Rs 3 lakh plan for a monthly premium of Rs 2,537 per month.

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