Building Wealth For Goals
5/31/2012 9:00 PM Thursday
Q: I am 25 years of age, a single, extremely independent lady living in Mumbai. I would like your advice on how and where I should diversify my portfolio.
Currently, my salary is Rs 35000, and I am due for a raise in the month of October 2012. I do not pay towards a Provident Fund. My current, miserly investments are as follows:
Amount Invested P.A. (Rs)
HDFC Endowment Assurance
I live in rented accommodation, and my current monthly rent is Rs 4000, which is due to be increased.
As of now, I have stopped investment in the HDFC Tax Saver Fund, but can still invest in the same if needed.
I am originally from Goa and plan on shifting back after marriage or in the next year, if the situation permits.
- Save tax and build wealth. (Do you suggest anything else?)
- Send at least Rs 3000 to my parents on a monthly basis.
- Get married in the next two-three years.
- Buy property and build a house on it in Goa.
- Save for my children (planning on two children) in terms of lifestyle, etc.
- Provide quality education for my children.
- Travel the world, preferably to at least one foreign destination before marriage.
What amount would you advise me to save on a monthly basis? Do you think Rs 20000 is too little, keeping my goals and my current salary in mind?
It would be great if my above queries were addressed. I appreciate your kind help in advance.
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