Your Financial Plan



I am 45, and work in the Gulf. My wife lives with me. My daughter is in class 12 and son in class 10. After the new rule in Saudi, to cut expenses, I have moved my children to India.

All these years I have been investing only in gold and real estate. With job security at stake now, I realise the importance of financial assets.

Do suggest how I need to save for my financial goals.

Madan Kumar

Most Indians living abroad are overweight on physical assets. It is better not to put all your eggs in one basket and expose yourself to higher risk. Although you have poor financial savings, the bright spot is your monthly surplus.

To meet all your goals, you have to invest ₹90,300 against your surplus of ₹57,000. Once EMI is over in 2021, you will be able to save more for the goals. For your daughter’s marriage, start investing from 2021.

Assuming that you and your wife need ₹20,000 per month now, it will be ₹48,200 on your retirement.

To meet the retirement expenses, you need ₹1.4 crore and not ₹1 crore as you anticipate.

Since your salary is not growing, you may need to sell a few of your real estate assets to meet your goal. Since your children are in India, buy health policy for ₹5 lakh and a term policy for ₹50 lakh.

The writer is a SEBI-registered investment advisor and founder, myassetsconsolidation.com

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