Financial PLANNING For FAMILY of 3! | Money Matters Ep. 71 | Ankur Warikoo Hindi

"Actually he says that this is also a little bit of my saving because almost R is still young and I have 24 years of service left, 25 in it, so what is there in it that by the time he matures, his education expenses will also increase a lot, so this much saving means that I don't have to take any loan from anyone, wherever he wants to study, it is very important, very very important, very important and all these things can be done easily, can be done easily, what happens is that I have retired and he is not standing on his own feet yet, there should be enough money so that he can do something of his own, exactly exactly and it will happen, I am sure it will happen"

"In my opinion too, if you are 36 years old, if you save for the next 8-9 years, at the age of 45, if you buy your house, land, whatever you want to buy, then two things will happen, one, your savings will be able to cover the down payment to a large extent, second, because you are with the government, you will also get a loan at a very low interest rate. You can easily repay the loan in the next 10-15 years as per the remaining tenure. So that by the age of retirement you have your own house, your own savings and no loan."

"If you do this, I'll try to quickly tell you where you could end up in 10, 20, and 25 years if you invest this way. After 10 years you will have ₹31 lakh. After 20 years you will have ₹1 crore 70 lakh and after 25 years you will have ₹1 crore 70 lakh."

"And Jyoti, your work is absolutely clear. You are the CFO of the family from now on. And Govind is a revenue officer. Is the Chief Business Officer. He will bring the money. When you earn, you will also bring money. But you will remain the CFO. And I have told you the plan exactly that if you invest ₹10,000 every month through the plan I have told you, then by the time Govind retires or you retire and I am talking only about this investment of ₹10,000. You people will have ₹3 crore 70 lakh in your bank account."

"The biggest concern that I have is that you guys don't have an emergency fund. Because you have also stopped your fund approach for government jobs. So if God forbid something happens where you need money immediately. You will end up taking another loan. And will keep taking another loan. Will keep taking another loan. Will keep taking another loan. This will never end. It is very advisable that you keep much more than the ₹5,000 you have in the bank so that it is always safe."

"Next month, when your tax saver fund of ₹87,000 matures, you will do two things with it. First of all, you will return the ₹50,000 that you have borrowed from your friend because at least one should never borrow from friends. Be it an office colleague or anyone else, etc., so next month pay off the friend loan. You will give them ₹00 out of ₹87. ₹37,000 will be saved. You will invest this ₹37,000 in a day mutual fund. So you will transfer ₹37,000 to Jyoti's bank account. And Jyoti, you will invest ₹37,000 from your demat account in a debt mutual fund."

"So you will have to do this for the next 8 months. Now why am I saying this for 8 months, for the next 8 months. Because after 8 months your personal loan will be over. At that point, you will get around ₹5,000 more which you pay today as EMI and then after 8 months, when you will have the flexibility to start investing, only then you will start investing."

"Sir, I am also getting promotion next year. very nice. So I will get an increment of around 10,000 or around 78,000. very nice."

"Govind, you are 36 years old. If you work for the next 24 years till the age of 60. You can leave even before that. But let's assume it will have to be 60 years. Government jobs do not give retirement before 60 years. So, I want to show you where you can get with just this approach. How should this ₹1,000 be invested? We will invest ₹4,000 in Nifty 50. What is Nifty 50? We will invest in the 50 largest companies of India. Another ₹4000 you will invest in flexi cap mutual funds and then ₹2000 you will invest in small caps."

"And please do not look at real estate as an investment, just buy a house for yourself at the place where you ultimately want to retire and live, so that you do not get caught in this trap that friend, let's buy a house, then we will sell it later, we will sell it at that point, we will sell it at a higher price, because all the same things can be easily bought in the stock market through a mutual fund SIP without taking that risk"

"And Jyoti, your work is absolutely clear. You are the CFO of the family from now on. And Govind is a revenue officer. Is the Chief Business Officer. He will bring the money. When you earn, you will also bring money. But you will remain the CFO."

"And the only thing that I have been lacking till date is financial discipline and for that, Jyoti, I am now appointing you as the one to ensure it."

"The ultimate aim for both of you, will be to create a life for Hardik where he sees you understand how to manage money and he is also never left in the same situation."

"Sir, after two years when my loan will be over, yes, so I am planning to take transfer from Pune to Agra, my hometown, I mean I have an office there, so it is possible soon when I transfer there, the cost of living is a little less there"

"And Jyoti, you will invest ₹37,000 from your demat account in a debt mutual fund. Consider this as a fixed deposit. But putting money in the bank against age is like putting money in a mutual fund. Most FDs offer slightly better rates. 7 7% and so and so this money will be such that if you need money at any point, then within 24 hours you can sell whatever amount you need in that mutual fund and that money will come into your bank account."

"Govind, as soon as your salary arrives, you will transfer ₹5,000 to Jyoti's bank account. And Jyoti you will invest this ₹5,000 in liquid funds. Liquid fund is a debt mutual fund. But even a little below that, it is slightly better than FD. But liquid mutual fund means that if you need money at any point, you can get that money within 24 hours."