Post all your financial planning queries here Part-2

Hi Lavii,

I have the following suggestions for you:

PL - Do not foreclose as it will be a loss to you. As lakshmi said that bank by now would have already recovered the interest part.

Do not build a first floor. Buy a flat instead. The reason being, you will spend 9 lakhs on construction which I am sure will overshoot your budget by a couple of lakhs as a lot of unexpected things will come up. The amount spent on construction will not give you any capital appreciation. So the value of your house is actually equal or slightly more than the value of your land no matter how many floors you have put up.

In case of a flat your investment will give you capital appreciation in terms of the value of flat going up. It will give you a rental income and housing loan benefit. if you take a housing loan you will save the tax you are paying to the government. Housing loan is a good liability. You can use the money you have in hand for down payment and I strongly advice you to approach your bank from where you have taken the PL so that the processing is easier and faster.

Loan against gold - PLEASE DO NOT DO THIS MISTAKE...THE GOLD NEVER COMES BACK.

Let me know if you need any more information.

Regards,

Shaishav

 

Hi Sheshin,

Thanks for your appreciation.

Monthly SIP is the best way to invest as you will always be in a dilemma if the market will go further down or will now go up. You will never be able to decide when to invest.

So do it systematically and leave it to the fund. I suggest HDFC Top 200, HDFC Equity and DSPBR Top 100.

Regards,

Shaishav

 

Thank you Shaishav for your suggestion. I've applied for the PAN, once I get it I'll start SIP. Thanks for the guidance.

 

Re: Post all your financial planning queries here

Hi Sujivee,

I feel terrible for replying to your message so late. My Apologies.

I think you can bring a lot of flexibility by surrendering all your policies and take a term insurance plan. You are still not too late for making alterations in your portfolio.

We can discuss in detail of you wish to. Let me know and I will send you a private message with my contact details.

Regards,

Shaishav

 

Re: Post all your financial planning queries here

Hi,

I can surely suggest plan for your proposed investment amounts but I would like to know if you have a PAN? If yes, which bank do you have your account in? Do you have a demat account?

Regards,

Shaishav

 

Re: Post all your financial planning queries here

Hi,

Post all your financial planning queries here. I will be more than glad to answer your queries.

Regards,

Shaishav

 

Re: Post all your financial planning queries here

Hi Shaishav,

Happy to see your post after quite sometime. I have many queries regarding investments.

I am 27 yrs and DH is 32. My son is 2 yr old Boy. We have been married for about 5 yrs.. But Minimal savings till now. We bought a flat in Chennai in 2007 for 33 lakhs and sold it now for 42 lakhs ( becoz of various issues in the flat like the builder sold part of the car parking to some other third party and he has built a commercial unit there. So UDS has reduced a lot.) My salary used to go entirely for EMI and his salary for our expenditure and for in-laws. We usually have a marginal amount and we managed to save 2 lakhs as FD. Now, both of us have changed jobs and have received a considerable hike.
Now I want your valuable suggestion w.r.t savings.

INCOME :
DH's salary 70000
Mine 50000

EXPENSES :
Monthly expenses 10000
Car Loan 15000 (4.5 Lakhs for 3 years - 'll be Completed by 2013 Sep)
Rent 10000
Money to Dependant 10000

SAVINGS :

Had an RD for 5000 per month(for 1 yr) and closed it recently to buy a 2400 sq.ft plot in out-skirts of Chn-GST Road ( by adding whatever I had after selling the house).
Right now I have not been investing in any other savings


INSURANCE :

DH -- LIC Jeevan Anand - 38 K (annual) - 5 lakhs Sum assured - 15 yrs (6 yrs completed)
Mine -- LIC -Moneyback - 16 K (annual) - 2 lakhs Sum assured - 3 yrs completed


So, I can afford approx 75K for savings for the next 1 yr and 60K after that(since DS will start going to school and will incur school fees, transportation etc.,)

Please let me know how to optimize the savings( PPF, Mutual Funds, Gold ETF, Chits, RD etc.,)... I dont want to put all the eggs in one basket as I did earlier (Home loan EMI)

I am also interested to know about Forex Trading...

Thanks for spending time in reading this long post. Looking forward for ur suggestions

 

Re: Post all your financial planning queries here

Hi Shaishav,

Please help us in investing. As of now no savings

Earnings:
Husband:40K p.m
Mine: 20K p.m

Expense:
Rent: 15K
Others: 15K

Can invest only 10k per month.

Thanks
Lavanya

 

Re: Post all your financial planning queries here

Hi,

Will reply over the weekend as my reply will be long

Regards,

Shaishav

 

Re: Post all your financial planning queries here

Hi Lavanya,

But according to the calculation (Income - expenses = savings), you should be able to invest 30,000 monthly. But you are proposing only 10,000. Is there any specific reason?

Do you have insurance?

Regards,

Shaishav