All goals to be easily met
High
surplus and early planning mean that the Navi Mumbai couple will face little
difficulty.
Ajay and
Supriya Bajaj are in their early 30s, with a high income and surplus, a good
portfolio, and an early start to financial planning to their credit. They bring
in a combined salary of `2.45 lakh a month and their goals include buying a
car, another house, saving for emergencies, their future child's education and
wedding, and retirement. Financial Planner Pankaaj Maalde suggests they
allocate existing resources and surplus of `1.24 lakh to achieve these.
They can
start by setting up an emergency corpus of `5.3 lakh, which includes a medical
corpus of `2 lakh for Ajay's parents, from their cash and debt fund corpus.
Next, they can allocate their bonds for the car purchase in two years. For
another house worth `1.3 crore in three years, they will have to sell their
existing house and use the fixed deposit amount for the down payment of `64
lakh. They will also have to invest `90,000 a month in the suggested
instruments for three years to reach the goal. For the remaining amount, they
will have to take a loan and the EMI of nearly of `27,000 can be furnished from
the surplus.
The
couple can save for their child's goals by starting SIPs worth `10,000 for both
education and wedding, in equity funds. For their retirement need of `14.6
crore, they will have to allocate their PPF and EPF corpuses, as well as their
stocks and equity funds. Besides, they need to continue with their monthly SIPs
of `20,000 and `1,000 a year in the PPF to reach the goal.
The
couple will need to boost their insurance portfolio with a term plan of `2
crore for Supriya and continue with their two existing traditional plans. They
must also buy a family floater plan of `10 lakh and a `3 lakh plan for Ajay's
mother. Besides, both should pick critical illness and accident disability
plans of `25 lakh and `50 lakh, respectively.
