Need help investing
So I am a non finance person and quite illiterate, learnt how to do netbanking 2yrs ago.
Monthly income - 1.5 to Rs 1.7lakh After all expenses (living frugally) can save 25 to 30k per month (I have to take care of two houses and some debts, so this saving can't be increased)
Don't need to make real estate investment - have one self owned flat and one commercial property
I have a 5yr old son, need to save for his future as I have many health complications. Recently got 20lakhs from my mother as a gift, 10lakh in FD and 10 lakh cash.
Can anyone suggest an education or similar fund where I can park this money for my son?
Also, any SIP where I can invest the money I have remaining every month? So far, I have purchased some gold since I don't know any better and made a 5lakh FD for my son in the bank
Thank you Thank you all. Sorry for the long post
Hope you have health and term insurance given your health complications. If not, that should be your first priority. Then make sure you have an emergency fund of 6-12 months of your expenses. After these things are sorted, think of investing. This is how I would approach it.
Yes I have both insurance policies. And I also have a 4month buffer fund. I can make it 6
I would suggest you take professional advice from fee only financial planners. They take fees to review your portfolio, and plan based on your needs. They don't get commission from any investments they suggest, so there's no conflict of interest .
check out this website to check such advisors. https://www.feeonlyindia.com/