Your Financial Plan

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.


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, Send your queries to

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