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In today’s time, when the price of everything is touching the sky, it is not enough to earn. It is now necessary to show understanding about savings and investment. Especially if the husband and wife invest some part of their earnings in a planned manner, then a fund of Rs 1.24 crore can be prepared in just 10 years. According to a news by Economics Times, certified wealth manager Vijay Maheshwari, who has explained its entire strategy.
This is the mathematics of smart expenses
Vijay Maheshwari believes that the biggest challenge of couples living in the metros is to extract savings from their earnings. But if spent thoughtfully, savings are possible. According to him, if the joint income of husband and wife is about 1.5 lakh rupees every month, then the remaining 53 thousand rupees can be saved every month after spending 97 thousand rupees.
In this budget, Rs 3,500 has been kept for health insurance, Rs 3,500 for term insurance, 60 thousand rupees for rent and other for necessary expenses and about 30 thousand rupees for the EMI of the house and vehicle. In this way, even after the necessary expenses, ₹ 53,000 is left every month, which if investing properly, then this amount can take a big size in 10 years.
Planning of investment, which makes a millionaire
According to this plan, the husband and wife will have to invest 53 thousand rupees every month at different places. It has fixed asset allocation keeping in mind the short -term, middle and long -term goals. According to Vijay Maheshwari, 15 thousand rupees should be invested in date mutual funds, 15 thousand hybrid funds and 20 thousand rupees in equity mutual funds. Also, it would be prudent to invest three thousand rupees in digital gold or any security fund.
He believes that a fund of about 27 lakh rupees can be made in 10 years with date funds. About 33 lakh rupees can be found from hybrid funds, while investing 20 thousand rupees a month in equity funds can be prepared in 10 years. Similarly, an amount of about six lakh rupees can be added to digital gold or security funds.
Discipline is the real game
The foundation of this entire investment model is discipline. It is necessary to invest fixed money every month. In order to reduce investment if there is no increase in investment in any month, it is necessary to have full vigilance regarding the budget. Vijay Maheshwari emphasizes that only by maintaining continuity in investment, good returns are achieved in the long term.