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May 23, 2021 23:18 IST
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Q. I am a 20-year-old bachelor. I am a government employee (part-time, but permanent). My monthly income is about ₹15,000. Please help me in sketching drawing up a holistic financial plan.
Tamire Prasanth
Aarati Krishnan answers
A. You are right to start with a financial plan. To have a really personalised plan that you can go with for life, it would be best to take the help of a qualified financial adviser. But, if you are keen to make a start by yourself, you need to list down the financial and life goals that you may have today, along with the timelines you have in mind for achieving them. If your goal, within 3 years, is to take a holiday or buy a vehicle, that would be a financial goal. If you want to pursue higher studies, that would be a goal too. If you would like to purchase a house or marry, those would constitute goals too. This is apart
Q. I would like to know the pros and cons of investment options such as capital guarantee and high-return plans. As a 23-year-old newbie to IT industry, can you suggest a good way of saving for the fu
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April 11, 2021 22:40 IST
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Mutual funds are not meant to provide regular dividend options.
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Mutual funds are not meant to provide regular dividend options.
Q. I am a 28-year-old working in a PSU for the last 4 years. All my monthly income goes towards repaying a home loan that I took 2 years ago, supporting a brother and a sister in their education and monthly expenses of parents (purchased house) and wife (rent) who live separately.
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March 14, 2021 14:57 IST
It is heartening to know that you have different time frames in mind for your goals.
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It is heartening to know that you have different time frames in mind for your goals.
Q. I am 26 and a soldier. I earn ₹35,000 per month. I wish to begin investing. How should I start?
Kahinur Das
A. First, thank you for your service. If you are a fresher to investment, you can start with simple products such as Public Provident Fund (PPF) and recurring deposits in banks. A PPF account can be opened in all major banks and post offices. Since bank rates are low, keep the tenure at 1 year and lock for the longer term when interest rates go up.