10 years 12L to invest

#71
1. If your target is 1 crore, then you need not take much stress. Basic bank FD and recurring deposits will get you there in 10 years' time.

2. Calamities happen happen all the time around us. My 26 years old nephew in Delhi, a bodybuilder himself, an engineer, was last year diagnosed with Ewing's sarcoma stage 4 (bone marrow cancer terminal stage). The insurance does not cover the cost of treatment at Medanta for even 2 months. And it's been a year. Recently, my sister-in-law 34 years old - was diagnosed with breast cancer stage 1 grade 3 (i.e. high chances of spreading) and will need treatment for 10 years and check-ups for the rest of her life. She is the branch head at Max Life in Surat.

3. You have money, you can afford rent, if rented accommodation is readily available on affordable terms. How many days can you afford to spend in a hotel ? Get a house, even if a jhuggi jhopdi. 12 lakhs is not enough of savings for a person in 40s with wife and kids.

NOw you got it ..... and yes frankly I am stressed for my retirement, as till now I was living carefree and now I shave started to feel the heat. hence even more so reason of not wanting to purchase a house and take the burden of loan. I hate loan. what calamity u talking about? if I have money, I always can afford rent, I still would not be roofless. But I see the affinity of purchasing a house in India. many people around me, just push to buy a house, without ant reason and logic. In India, house somehow becomes the prime importance .. :) If you are on rent .... you are some tom dick harry, if you own a house you are a BOSS .....lol .. just a harmless joke not intended to anyone ..... :)

My desired area will be anywhere in down south ..kerela or something, but at that time even a 1 BHK might do as I will not be staying in that house for 2,3 month in one go .... My intentions are to travel .... adventure .. after 12 years I will not be simply an ederly couple.. :) I would be a hunk, backpack travelling around India, and nearby and if possible world. I have an athletic body and love trekking, travelling and driving ... :) My idea of life is different .... hence the way I have kept my expenses and living standards ...... :)

Anyway, forget a house that I will not buy I am sure. keeping that aside whats the best you suggest. Again just asking for a suggestion I know, the final decision will be mine and of course no one will be responsible. I just want to see what your approach will be. keeping my Original Query .. :)

Regards
Sam
 

gautam7821

Well-Known Member
#72
If you can double your investment in 6 years (high interest FD/ equity any investment) , then 12 Lac X 4 = 48 Lac
If you save 5 Lac a year then 5 lac x 12 yr= 60 lac
If I calculate with 8% compound interest , interest will be 40 lac

So, you can earn 48+60+40= 1.48 cr by almost safe investment.
 
#74
now double that Amount. In my personal experience we always underestimate our future spending.

15 years ago, I use to think 1 cr is sufficient amount for retirement and if I have 50Lakh in my bank account I don't have to work anymore... hahahaa...
^ I dont .... I have always underestimated. .... :D... 15 years ago I was surviving in 35K and now how much should it be ... I easily manage at 50K ....
 
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#75
1. If your target is 1 crore, then you need not take much stress. Basic bank FD and recurring deposits will get you there in 10 years' time.
more the better but yes min was 1 C, chalo let see. I will share what I finally thought in a month or and see where it takes me.

2. Calamities happen happen all the time around us. My 26 years old nephew in Delhi, a bodybuilder himself, an engineer, was last year diagnosed with Ewing's sarcoma stage 4 (bone marrow cancer terminal stage).
Oh Medical emergency you talking about. Well I (wife n kid) have a cover of 8 L from my company cashless, and 4 L my wife has. I will get another one when I reach near my retirement if needed

3. You have money, you can afford rent, if rented accommodation is readily available on affordable terms. How many days can you afford to spend in a hotel ? Get a house, even if a jhuggi jhopdi. 12 lakhs is not enough of savings for a person in 40s with wife and kids.
when I said .. I have money, I was talking about after 10 years. if I have money at that time I can rent, and yes how much would that be, where it will be? how conducive it will be ... are all valid concerns, but I am willing to take that risk, as against taking a home Loan on my head. I have been living 15 years on rent, I don't see any reason I cannot another x years .....
 
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#76
If you can double your investment in 6 years (high interest FD/ equity any investment) , then 12 Lac X 4 = 48 Lac
If you save 5 Lac a year then 5 lac x 12 yr= 60 lac
If I calculate with 8% compound interest , interest will be 40 lac

So, you can earn 48+60+40= 1.48 cr by almost safe investment.
Thats interesting, u suddenly made even 2 C seems plausible ... :)
 

gautam7821

Well-Known Member
#78
If you buy a flat of 24 Lac , and take home loan of 18 lac , EMI will be 20k, out of which you already paying 15K as rent and you can claim 5k ITR deduction per month upto 5th year(30% SLAB). After 5th year hope your salary will increase to cover that 5k per month.;)

*(The interest portion of the EMI paid for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24 ).

So, if you will get home after retirement by just investing 6 lac.

It is just my observation. You may rent the flat if you don't wish to shift.
 
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#80
If you buy a flat of 24 Lac , and take home loan of 18 lac , EMI will be 20k, out of which you already paying 15K as rent and you can claim 5k ITR deduction per month upto 5th year(30% SLAB). After 5th year hope your salary will increase to cover that 5k per month.;)

*(The interest portion of the EMI paid for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24 ).

So, if you will get home after retirement by just investing 6 lac.

It is just my observation. You may rent the flat if you don't wish to shift.
This was a bouncer, can you explain again. ... how will I be able to save 40K every month with this logic.
My income is 1L. 50K I manage my expenses, inclusive of 15K rent .... from the rest 50K I am planning to save 40K every month. 10K is a buffer. If I take loan with emi 20K .... the remaining amount becomes 45, and if I invest 40K ... I would be left almost nothing at the end of month for any emergency .... :(

How will this make me achieve of my goal of min 1C after 10-12 years...

not to forget 24L home will eat up my 6L from the 12L corpus I have. Also not to forget 20K EMI will not be finished after 12 years, which can land me into trouble.....

Maybe I am missing something here .....

Tax deduction I can anyhow claim when I invest in any ULIP
 

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