Am I saving good based on the current situation ?
Current Org: PhonePe YOE: Approx. 2 Base: 28L CTC: 60L+ Age: 23
Inhand/month = 2.07 L SIPs = 30K Rent = 21K To parents: 1.5L
I know many of you will question why I am sending this much to my parents.
So these days we are trying to build our home in the city also so I am trying to contribute there as much as I can.
We already have a well maintained big home in the village and are trying to build one in the city also for future needs.
My father is a farmer (we have a decent amount of land for agriculture) and my mother is a housewife.
We have zero to give on loans and EMIs. Also some part of the money I send to my parents is being used in the study expenses of my younger brother.
I want to ask if I am investing too little into SIPs ?
What could be your best financial advice to me ?
Please help !
Waiting for the valuable advice from my seniors here 🥹
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When I tried interviewing at PhonePe they said max would be 35L take it or leave it. I was almost double your experience and already drawing 40L+ I find your ctc questionable.
About your question- you're sending 18l/yr so it'll be 5y before it can be meaningfully invested in real estate. For that time horizon you could bump up your SIP to about 75k-1.25L tbh.
I'd choose a momentum/flexi fund for risk. Eg CapitalMind flexi that just came out this week.
Otherwise arbitrage funds are giving 7.5% if you wanna consider tax efficient debt (fd will be 31.2% tax, this will be 12.5% tax with 1.25L exemption)
Will play devil's advocate here:
Q: Do your parents give you an account of how that money is being spent?
If not, are you okay if tomorrow you come to know that this 18L/year was not utilised as per your understanding?
If you're okay, you're saving enough.
If you're not, your money should flow according to you.
Which city (don't need to tell the name), i.e., is it the city you're staying at? Or can work at? Or with a really good prospect?
I.e., what is the point of "another house for future needs".
Next, for how long will you have to send this. You're young, will get married, etc.
The city is basically of my district associated with my village.
The future needs like giving education to my children or to get better facilities there etc.
Basically now for home and then after 1-2 years for my marriage.
My parents don't want to keep my future wife in the village so they want a home for her in the city.
Congratulations bhai
Invest in PPF, US Stocks, Gold
Which profile phonepay is give 60LPA for 2years experience
Avoid PPF. Locked in and poor interest rate Avoid US stocks. Taxation and charges. Rather buy an Indian FoF MF of foreign investments. Avoid Gold. Metal with no real use other than it being malleable, non-reactive, and shiny.
Just because instruments exist, doesn't mean one has to buy them.