Managing Family RESPONSIBILITY and SECURITY at 21! | Money Matters Ep. 56 | Ankur Warikoo Hindi

"my one very strong recommendation would be Aakanksha that you should buy a life insurance policy and buy a policy which gives you maximum cover in the minimum amount. What does cover mean aspiration? If anything happens to your life, how much amount will your family members get? I would recommend that it should be 1 crore for you and minimum 50 lakhs for you and the right insurance policy should be what is called a term insurance policy."

"for your mother, for you and for your brother you should try and get health insurance as well and that health insurance could be anywhere between 2 to 3 lakh cover it will not in my opinion cost you a lot if you go for a cover of ₹3 lakh then your monthly premium for health insurance will be approximately ₹100 which means if you combine both health and life insurance then you can get with in ₹2000 both health and life insurance for your entire family."

"The first thing is to set aside ₹1,800 towards emergency fund. And this ₹1800 is enough. Off course the more you can do the better. But that's all that will be possible for now. So you start with ₹1800 which you do not need to invest anywhere. There is no need to put anything anywhere. What my recommendation would be is dept mutual funds. Those who do not invest in the stock market. Invest in fixed return assets. They could be fixed deposits , they could be corporate bonds. There may be government treasuries. These are all slightly technical names. But basically what you need to know is that Aakanksha gives a fixed rate of return. And this is usually better than fixed deposit. So you can invest in these at around 7 1/2% today."

"Then now you are left with ₹2000. Now how will you invest these ₹2000 ? My personal opinion regarding these ₹2000 would be that you should invest in three mutual funds and these three mutual funds will be stock market mutual funds. You will start an SIP of ₹1000 for a NFT 50 mutual fund. Do an SIP of ₹500 in something called a flexi cap mutual fund. And then you will do SIP of ₹500 in small cap mutual fund."

"Consider starting multiple income streams. So one income stream could be that you start taking tuitions in the evening. May be another income stream could be that you start online counselling to people. Another income stream could be that you guide parents on how to accomplish the jump or move from pre-school to main school. May be you can train kids for preparing for school interviews. May B You Can Train Parents for Preparing for School Interviews. There are many options."

"But net net right now at this point it seems that buying a house is neither possible nor recommended for you."

"After 5 years you will have ₹1 lakh. After 10 years you will have ₹7300. After 20 years you will have ₹48 lakh."

"If you do it for 5 years, then ₹1.5 lakh will come in that. If you do this for 10 years, it will amount to around ₹4,70,000. If you do this for 20 years, it will amount to around ₹21300."