How to get out of the debt trap? Should I continue with debt? How to manage my investments?
Age: 23 Yoe: 1.5 TC: 26 lpa
Monthly Expenses: Mutual Funds: 20k (Through Dezerv app) Crypto: 2k (Bloomberg galaxy index) Flat Emi: 25k Car Emi: 10k Petrol: 10k Utilities and grocery: 30k Activities: 20k
Life insurance: By company Term insurance: By company Emergency Fund: 1 lakh
Should I consider buying personal insurance?
There is a plot that I signed up from government, I did not take loan for this, but the development authority created an emi plan for me. Basically 20 lakhs every 6 months for 3 years. Since thats way outta my league to afford, there is a late interest fee which is imposed. I try to put in any money I can make.
How come govt is giving flat at emi? Is it like mhada? And is it interest free?
It is like the state's development authority selling plots from an auction, in that they gave a installment plan.
Mind sharing the state name? Also thats one costly plot, ~1.2cr, what was the reason you bought it in haste? And what's the effective interest, coz it is not possible to pay 20 lacs every 6 months. Is it lesser than what you would pay if you take loan? I think you should only buy term insurance for now, if you have dependents, or maybe just buy, coz it will be cheaper at your age. What does 20k activities include? No idea about crypto. And then what's the flat emi? You also bought flat?
you are doing good , If your family is dependent on your income consider taking term insurance . You need a sum covered which your dependents are needed yearly *23 approx + net loan of your flat . Other priorities like child and spouse csn be added once you reach that life stage . Its upto you to early close the home loan or increase your investment. Right now mix looks fine . If you are in risky career consider closing loans early as stable cash flow might be an issue or you can continue with current allocation
Thanks for the guidance.
You should definitely look for insurance outside the company provided ones. Let me know if you need any support
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