1) Have term insuranceof 1 crore for myself, wife, parents and kids. So, premiums would total to aprox 50 Thousands 2) Have medical insurance of 10 Lakhs for all of the family members. This would cost to 50 Thousands 3) Buy an Independent House in home town (30 Lakhs) 4) Buy property in Cities like Hyd,Bangalore,Chennai which returns some rent. Eg: 50 Lakhs should return atleast 40 K rents
5) Rest of 20 Lacs, split it to 4 parts and keep it in 4 accounts (5 lacs each in Mother, Father, Wife and self) for any emergency.
6) Try to do some work which will give peace of mind. Eg: Baby care centre or a Lecturer job and happily spend time with family and take care of every one's health. 7) Now, you have returns of 40K(rents) 10K(Fixed Deposits interest post tax) You don't need to pay rent as you have own house Your life and Health is insured Doing some job will fetch you atleast 10K per month. So, in total you have 60 K as monthly income, which can accomodate yearly insurance premiums ( Which can help in income tax savings) and your monthly expenses. Also, with this amount whatever you could save, plan to invest back in Mutual funds and Gold. Never goto real estate as the real estate portfolio is too much.
Our relatives and friend won't leave us if they know that we have one crore. So we have to give them atleast 5 lakhs. Then, 50% to be used to buy 2 homes, and 20% in bond & FD investments and the remaining as cash for buying jewels, vehicles, tour etc.
i would buy as much agricultural non-urban land as possible and keep it safe from greedy developers and short-sighted speculators...i wouldn't build a thing, except perhaps a wooden fence with a big sign saying 'keep out, india;s last untouched natural reserve'.. when you make your money, all you'll want is to see more nature..not shitty quality apartment blocks and oversized mansions..
Yes, today property are the right investment compared to any our source of investment. Places like Navi Mumbai and its under developing nodes are the best place to invest.
I would have taken out the profit from the equity market. Original 30 lakh I would have reinvested in some high risk high return stocks. 40 Lakh I would have alloted to Real Estate and bought propery in some upcoming area. 10 lakh I would have invested in low risk Govt bonds, PPF, NSC. 15 Lakh I would have invested in some growing business. 1 Lakh I would have kept for my own expenses, treat etc. 4 lakhs I would have invested in ELSS, Mutual funds, term insurance policy. Rest 10 lakh I would have used for tax.
my life has been in a turmoil because of money. As strange as it may sound, it is because of money that our lives are in a pathetic state. With 80L, we are still not so happy. And the cos of it would startle almost anyone. Therefore I am not going to reveal it here.
To summarise, money is not everything. Too much of it, causes one to lose sleep.
