Want to save money for my son education?

Hello! I am 38 years old and I have one son who is 8 years old. I want to save money for his education and also for his wedding. But by the time all this happens I will already be over 55 years of age. Thought of retirement at 60 really scares me. Would I be able to save enough for my retirement in last 5 years of my career?|||Hello Deepak,





The best investment is the one which is best for your personal situation. This means the risk level, asset class, type of fund and your goals, timeframe and financial profile must all agree. The best way to find out is to do a financial plan enabling you to have a blueprint of your situation and where you are going. An investment plan will give you a precise indication of which funds to buy.I have the following options for you:





Your best bet is a SIP (Systematic Investment Planning) where you put a small amount monthly in a mutual fund, Some diversified equity funds to look at (for investing with a tenure of 3-5 years) are DSP BR Top 100 Fund, Sundaram Select Midcap Fund, HDFC Top 200 Fund, DSP BR Equity Fund and Benchmark S%26amp;P CNX 500 Fund. However, your allocation to them would depend on your risk appetite as this represents a basket of large cap, midcap and multicap funds. We can help you with a financial plan and handling the investment. Investing in gold systematically and at dips. The allocation can be between 5-7% of your total portfolio. You can either buy physical gold, or invest in a gold fund or buy Gold ETFs. Click here to access thearticle on Gold ETFs:





http://www.investmentyogi.com/cs/blogs/investing/archive/2009/09/23/invest-in-gold-etf-s-this-diwali.aspx


2)There are multiple options since your time horizon is for 20 years. You could take a term cover to protect the goal and invest in PPF/ Equity/ Equity Mutual funds as savings or you could invest in a ULIP product depending on the amount you wish to accumulate. You can invest on a monthly basis. You could even invest some portion (5-8%) in gold.





Email at yogi@investmentyogi.com for more information.


They can help you provide a financial plan suitable to your financial needs.they can also help you with yourretirement.





for more information u can visit their portal at www.investmentyogi.com





.Below i am providing links to widgets for your calcualtion:|||If you would ask this question to any insurance agent or investment agent they will saw you dreams. contact any good CFP (Certified Financial Planner) in your city and get your plan prepared. a CFP Professional would help you achieve your goal while cnsidering all the factors reasonably. If you dont find any CFP, contact me.





Bhavesh Patel CFP


Certified Financial Planner|||i am also thinking in the same direction and let me tell u i am dam confused on this .


pl let me know finally what you are doing


i am planning to buy 24cr gold


regards|||You have to start thinking S-M-A-R-T. What kind of cutbacks can you make? For example: I drink bottled water. Paying $1 a bottle on something that covers over 65% of our planet is not smart. So I bought one of those water filters that screw into your faucet. I have bottles that I refil over and over again. This doesn't take much time and you will reduce your carbon footprint as a bonus. Do you have a lot of small appliances around the house that are always on? Televisions, subwoofers, computers, modems, sterio equipment and microwaves use the most energy when they are left plugged into the outlet, even when they are turned off. Plug all your plugs from entertainment system into those 6 prong outlet plugs with the switch on them. When you are not using these items shut the switch off. I noticed a huge difference on my electric bill just by doing this. I also bought some of those florescent bulbs that look a lot like a regular bulb. These things use 80% less electricity than regular bulbs. Ave 60Watt incalescent bulb (old school) runs you 2 cents per hour. Ave 60Watt energy bulb averages 0.5 cents per hour. Wanna be creative? Find yourself leaving lights on? Buy a motion sensor switch, the lights will turn on when you enter the room and will turn off (by a set amount of time) when you leave the room. I have one, they cost $15 at HomeDepot. You would be surprised, but these small things add up. If you really need the money right away start cutting back on your food costs. Romain noodles cost a dime and they taste just as good as campbells chicken noodle that costs over $1 a can. Ok no chicken in romain noodles, but you are probably just missing about 4 tiny pieces of chicken. Adjust your toilet to use lesser water. If you don't know how to do this then put a brick inside your toilet 'chamber'. You will use a less water each time you flush, this adds up over time people. Before you know it you will be ahead. Do you really need over 100 channels on your cable tv? Watch shows on-line for free and down grade your cable service. Need new windshield wipers for your car? Who says you have to buy 2? You only need the new one on the drivers side, leave the old wiper on the passenger side. Are you an impulsive buyer?? Listen here's what you do......always save the receipt. Find a place to save all the boxes, packaging, etc. Try to get obsessed with folding all the packing materials, making them neat and tape the receipt onto the box/package. Make a game out of it. And get yourself into a new habit called "impulse returning" I once bought a shampoo rug cleaner to scrub my carpets. After I was done I didnt need it anymore so I returned it to the store. I like to think of it as free rental. So remember you have to start thinking S-M-A-R-T!





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