People

Your Financial Plan

Suresh Parthasarathy | Updated on January 11, 2018 Published on May 07, 2017

I am 34 and my wife is aged 32. I was working abroad but due to retrenchment I lost my job and have returned to India. I got married a few years back and spent almost all my earnings to get the family settled.

Trying for a job, I now realize the importance of savings. Do advise on how I need to plan my future.

Pranesh



It is pity that in India we are yet to have standalone job loss insurance. But having worked in the US, if you had opted for unemployment insurance you could have kept yourself going for at least 26 weeks.

It is a common mistake people do while working abroad. They take life easy and completely ignore investments for the future.

The only comfort in your case is your mother’s pension and her rental income. Since you are comfortably meeting monthly expenses, do plan to earn better returns from your fixed deposits.

Even if it takes 6-12 months to find the right job, it will not impact you badly. Since you are not keen on overseas jobs, move your fixed deposits to better earning mutual funds. This will help you make up for not having savings from the previous job.

It is also surprising that your mother does not have health insurance. Do buy health cover to protect her deposits.

Since you are her only son, invest the rental income in mutual funds through SIP. Retain your wife’s fixed deposits, that will come handy if you find a job away from your city.

A huge amount of cash is blocked in jewels. If you have no sentiment towards gold, sell a part and invest it in financial assets. In future, if you settle in some other State, this money can be used to buy property.



The writer is a SEBI-registered investment advisor and founder, myassetsconsolidation.com Send your queries to blinefp@gmail.com

Read further by subscribing to

The Hindu Businessline

What You'll Get

  • Web + Mobile

    Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device.


  • Exclusive portfolio stories and investment advice

    Gain exclusive market insights from the Hindu Businessline's research desk.


  • Ad free experience

    Experience cleaner site with zero ads and faster load times.


  • Personalised dashboard

    Customize your preference and get a personalized recommendation of stories based on your intrest.

This article is closed for comments.
Please Email the Editor