25F | Earlier 4.8 LPA | Current 10 LPA | I pay Tax? Investment Ideas?
Below were the savings I was doing with 4.8 LPA salary (in hand per month - 30,000) WFH
FD - 11,000 (4% interest) Chit - 4,000 (with neighborhood for fun) HIS (parents) - 3,855 Physical Gold - 4,000 Surplus - 7,000
Now planning below
(in hand per month - 65,000)
FD, Chit, Gold - 15,000 (continuing) SIP - 3,000 (will increase eventually) LIC - 1,500 (Not sure of plan, please suggest) SGB - 2,000 Emergency fund - 2,000
WFO (hybrid) Spendings:
Rent and Food - 10,000 Travel - 2,000 Phone EMI - 4,000 Vacation - 2,000
Please suggestwhat else I can do smartly here ? I don't want to do high volatile investments.
What would be the amount I would be paying as Tax? Or will the tax amount be exempted from deductions?
If so, should I opt for Old regime or new regime?
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The old regime is better for you
Stop the chit. Is earning "fun" for you? Why is putting money in a random instrument with no regulation "fun"? Buy something for yourself for "fun".
LIC - avoid
Term Insurance - get a rs. 1 cr term life insurance (approx 12k per year. Go for max, hdfc, etc.)
SGB - is now discontinued. Avoid an instrument in its end-stage
SIP - max it out
Thanks, When I meant "fun", it's for my mother, she will get a chance to socialize with neighborhood with that.
I completely understand, I have a confusion on LIC too (whether to take or not), I'll avoid and go with Term insurance.
I'll max SIP, others suggested same too. Any suggestions on what sips?
Apologies. I took the fun part a little to heart.
Also, rs 4000 may seem like nothing. But if any group needs money to welcome someone to socialize, then there are other issues.
That apart, Just pick PPFAS flexi cap or any midcap fund, maybe a midcap 150 index fund.
No tax required from FY 2025, for income less than 12lpa.
I had 25k salary and wfh my current mf investment is 3lakhs
That's commendable. Can you please tell me how you manged that? How much you invested each month and in where? That really helps me a lot
LIC is a scam, better look for direct equity mutual funds SGB will be discontinued in near future i beleive.
u r missing out on NPS massively. invest a minimum of 3-5k per month in it.
