Do we feel comfortable at this age? Do we feel satisfy our life at this age?
Do we face again and again the same financial problem?
Of course, we require sufficient financial support and moral support from our family.
You will get support from your family based on your activities of now and even though if you get good support from your family, you need to depend on them for moral support if you hospitalized.
But financially, you need to start up your financial planning now. Do not worry about your past and still you had sufficient time in your hand.
One of the cheap financial planning for long term and my own is term insurance and SIP investment in mutual fund.
Just for an example:
Now you are at 25 yrs of old
You have to invest 20000INR per year, that is,
Term insurance: 8000/pa
SIP in mutual fund: 12000/pa
You will get insurance coverage around 25lakhs till your age of 60 and you have to invest 8000INR per year for next 35 years. You will get your investment amount and with slight interest, that is, after 60. So your life is covered with basic insurance.
Next, your investment amount of 12000INR/pa would be in diversify scheme in mutual fund thru’ systematic investment plan, that is, 1000 per month for next 35 years.
So you will get these two benefits by investing simply 20000INR/pa. Do not feel that 20000INR is such a big amount to invest. May be for next two years it will be difficult after that the real value of 20000INR will be lower. If it is so, what's the real value of 20000INR after 10 years from now.
Also you need to revise life cover and SIP investment in mutual fund based on your salary every 5 years.
Your investment will increase currently based on your present age and your necessitate life coverage.
Further details on this, please get in touch with your financial planner.
At last and final one, do not discontinue your investment in between.
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