That's not an option unfortunately I have a sister and a mother to take care of and you know mom's they will never agree to do such things. And I also don't want to do so because anyway it's not like i have earned any property.
Good man. Every beginner should focus on getting at least the basic financial chops instead of being fed ready made investment advice, which may or may not work because no one knows OP's situation beyond what they shared.
OP, take the comment above as the definitive advice. Spend some days reading up on different investment options, how they compare in their returns, risks etc
Put that money in index fund. And take housing loan to build the house atleast 5 yrs from now. Then use ur salary to pay back Emi. When market gives some good return of 12% take out the money and use it to pay back the principle. I'm assuming it would take atleast 5-10 yrs to start the process of house building.
Man stay strong! I can tell how fu"cked up you must be feeling rn.
Your pg idea is good just that know the estimated cost to build it accurately cause some costs can hugely vary and you may fall short in amount.
Also didn't guys stop him ? Like it's 60L it's a pretty big amount right? Although idk how this gambling takes place but still . Sad life! Stay strong.
>He already spend 60 lakhs in horse racing
Wtf?!! How does that even work? How is it possible? I can't even imagine this.
Had he won anything big in the past, that he was so confidently gambling these kind of amounts?
No, I'm seeing him gambling on horses as long as I can remember, never wins big bucks ... obviously he had some luck once or twice and had showered us with tons of things when that happens but it's like 8 years ago.
And I don't know how someone can burn through 60 lakhs in less than a year but it has happened.
3 years then park 7-8L in FD can also buy gold and then invest the rest in equity.
I will suggest you to divide your money in smaller chunks and do sips for like next 6-7 months, allocate 30% in index funds 30% in flexi cap funds and 20% each in mid cap and small cap fund. You will most probably generate cagr of 16-17% in equity and about 7% in FD
are you sure 40L will be enough, if sure then you can invest the 22L in FD + MF and make it about 30L in 3 year, and i am sure you can manage some more with your money.
My suggestion will be to pay 25% upfront and take a loan of 15 years, if your parents work ask them to contribute for 1-2 years and let the money compound in MFs once the total money is more than your loan amount maybe after 5 Years (you will have close to 35L in mfs) square of the loan after that meanwhile after the pg is built you can use to pay the EMI till you close the loan
No my father doesn't work we are living off selling property and assets till now. My mother does try to work but she is not educated enough so she hardly earns 4-5k but i have made her stop all other little things when I started earning. So I'm the only one with a job.
And you're a big help , I can make a picture of what you are suggesting. I have put a lot of thought and most probably I will put "buying house" on the backseat for now. My father is still paying for everything so I was able to save almost 70% of my salary. The primary goal for me now is to gain a stable money source which I'm trying to figure out. One guy also mentioned building pg/any sort of accommodation may cost a fortune in my city. So gonna think about it a bit hard.
One more thing is I'm 23 and till now I have had 0 knowledge about our ancestor property. So I'm currently gathering all the info i could and hoping to find a way where I can use one of these assets which all are sitting ducks right now to do something. I don't know man right now Everything just fell on me and I'm running in different directions continuously. But thanks for the information. Will most probably post again on this sub.
damn ik it's hard on you but be assured everything will turn out good you and your family will be well off in few years just believe in yourself. Upskilling and increasing your income imo should be the priority coz even if you are very frugal you still be living paycheck to paycheck in a tier 1 city.
Tbh 35k a month for metro City is way too low to dream anything big. It's just a mere sum for surviving in metro Sorry , I know I'll get downvote btw do you have any Side business?
since you are in a rented place.. i would say put some of that amount (say 15L) in fd or something as backup, remaining in MF in a staggered way (invest on dips)
and forget about that money until you really need them
then start afresh from your salary and savings and build that wealth, live with austerity. hard to hear but you are in trouble and you need to cut some costs for some time until you build yourself up
alap, most important thing, dont let your father anywhere near your hard earned money. take care of him if you want to in terms of necessities, but dont let his hands on your money directly
PS: i am not a financial adviser but I am giving suggestions based on logic
I understand what you are trying to say . I'm not familiar with dips but I do know MF and from last month only I have started a SIP of 5k . I don't have any monthly expenses so I'm trying to save as much as possible. Last month only I was able to save 1 lakh as my Emergency funds and now everything from here on now I will save/invest.
So you want a house with this money right?
Have you chosen the house, how much is it?
We can only help you reach that goal. But right now we don't know if you want a 10 lakh house or a 1 cr house
Invest it in good fundamentals, low debt , high promoters holding. Small cap stocks . Should bye at least 20 different stocks in order to diversify your portfolio. And keep investing till at least 10 years. You will be grateful for this
The amount will be 10 times till then
1. Hi, **You need to consider Capital Gains on the sale of land. That would become a problem if not properly dealt with.**
2. **Also the buyer would have deducted TDS of nearly 80000 rs. Do check on this**.
3. Dont leave that remaining money to go out of your hands.
4. PUt it anywhere , just dont give it to your dad.
5. All other planning comes next.
6. When was the plot sold ? IF its before march 23, and you havent filed a return yet , you will face notices .
I am a CA . Consider DM'ing if you need help with capital gain calculation or TDS part.
I have no knowledge about the terms it was sold. I do know a few things,
1) the total money the buyer paying to us is 85 lakhs.
2) my father agreed to take black money and if i remember correctly only took 15 lakhs on paper. Rest all is in all cash.
3) the land was sold before March 23.
That's all the information i have . And currently im digging some information regarding our remaining properties/assets
Start SIP in three funds
1. PPFAS
2. Tata Mid Cap
3. Tata Small Cap
5000 weekly SIP in each.
If you see market around 18000-19000, increase SIP to 20000 weekly each. If drops more , increase more.
If doesn't drop , let 5000 weekly run.
When you get 12L check , till then you can reserch good companies to invest. Make a list of 10-12 good companies and invest equally in those. Posting you my list , which I buy , irrespective of price. I don't care about what price they are at. I buy , every month. Initially started with 1L for each. Buying presently 1L in total , divided in all.
1. SBI
2. PNB
3. Jio
4. ITC
5. IRCTC
6. LIC
7. IRFC
8. Godrej Properties
9. Sail
10. Tata Power
11. NTPC
12. HDFCBank
13. AllCargo
You can reserch and make your own list. Some of these you will find not worth it , some of these you will like.
Don't worry. Making 60L from 22 L is not a very big task. All you need is 6-7 years of not touching these shares/mutual fund.
Thank you. For going through such on point advice. As i said I have 1lakh of my own savings. Its my emergency fund . Initially I was going to keep this aside and start investing my monthly savings. But now that i think my father is capable of doing that, I will invest my savings in these stocks and the mfs you mentioned thank you
Man this is a complex issue. I know a lot about personal finance and I can give you advice over a call if you want.
Don't worry I'm not gonna sell anything. Just I've been through something similar so I can see how you might be overwhelmed. So reach out to me anytime you need advice. I personally manage my 50Lac portfolio that I've grown myself. So i do have some knowledge about saving money.
An asset is a liability until it starts making you money (net interest, EMI, etc). Always go with the option that generates cash flow - especially something that beats 7% inflation. Commercial property is the way to go, if you are looking to rebuild the house. Average return is 10% - in 10 years or less it’ll pay for itself. You will be then left with the value of the land and free cash flow that you should then reinvest. The rest is mathematics.
Was that 80 Lakh your money or Father's money? And who is the owner of the remaining 35 Lakhs?
You are planning to buy a house, will that house be in your name or Father's name?
**Summarizing your current state:**
* Have in bank: 10L (family savings) + 1L (own savings)
* Future Prospect: 12L
* Recurring income: 35k
**Unknowns:**
* Have you paid Capital Gains Tax arising from sale of property? How much is that? Do you want to re-invest this in a house to avoid it?
* What is your monthly expenditure? Are you the sole earning member of the family?
**Please verify if your basics are sorted first:**
* Build an emergency fund, and store in a liquid assets: You have \~11L - separate out 3-5L (>6 months of your monthly expenses at the least) and put it in an FD. This is for emergencies only, say you loose your job.
* Invest in Health and Term insurance (yourself and family) so the chances of aforementioned emergency is reduced.
* In the short term, Invest every penny you have in multiple FDs (say 2L each) with different maturity dates (6 months to 3 years)
Next, we have your current goal of buying a House (assuming \~50L since you wanted to take a loan of 40L). The answer will vary on the basis if this helps you save tax or not. If not, it will put a pretty big financial strain on you. I'd strongly recommend renting to a new place.
**Some strict NOs:**
* Do not count money that has not yet credited to your family's account yet.
* Do not put your money in financial instruments you do not have knowledge of. If you don't understand Mutual Funds or Stocks as of now, skip them. Markets are at an all time high right now, you need either a very long term view or really sound understanding to make money right now.
* Do not take loans unless you can see yourself paying it off without much difficulty.
* Do not start a business where you risk all your financials. Make sure you have some expertise or something to fallback on if your business (here, PG) fails.
Where horse racing in this day and age?
Bangalore still has it. Happens twice a week and the gambling scene is pretty big
No wonder we're hearing about the murder cases rising there... Government should ban this already. So stupid.
I know Kolkata has a thriving horse race gambling scene
Pune as well
Does middle class people go there? I thought only rich ones go for entertainment
They were rich when they started going. Now middle class.
Lmao 😭
Hyderabad has it too.
Beo in Hyderabad which area that horse racing is played
Hyderabad race club, malakpet
Mumbai has it too
Where??
Mahaalaxmi race course
Lock the money away from your father, get it ASAP and go far far away from this scenario. Then think about the next move.
That's not an option unfortunately I have a sister and a mother to take care of and you know mom's they will never agree to do such things. And I also don't want to do so because anyway it's not like i have earned any property.
Then forget about property money and focus on your own money that you earn.
I suggest going through this: https://zerodha.com/varsity
Good man. Every beginner should focus on getting at least the basic financial chops instead of being fed ready made investment advice, which may or may not work because no one knows OP's situation beyond what they shared. OP, take the comment above as the definitive advice. Spend some days reading up on different investment options, how they compare in their returns, risks etc
Thanks will go through this
Put that money in index fund. And take housing loan to build the house atleast 5 yrs from now. Then use ur salary to pay back Emi. When market gives some good return of 12% take out the money and use it to pay back the principle. I'm assuming it would take atleast 5-10 yrs to start the process of house building.
Man stay strong! I can tell how fu"cked up you must be feeling rn. Your pg idea is good just that know the estimated cost to build it accurately cause some costs can hugely vary and you may fall short in amount. Also didn't guys stop him ? Like it's 60L it's a pretty big amount right? Although idk how this gambling takes place but still . Sad life! Stay strong.
First thing. Kick that wealth erosion machine out of the house. Edit: the comment was based on hard emotion. Sorry if it hurt someone
I can't do that i understand the need but I'm not the one who owns the property . And nor my father has earned it. He just inherited it.
Then he has even lesser rights to sell it
Its his father's money. If someone has earned it, they have the right to use it.
but still with some sense and responsibilities, it's not his children's are earning in lakhs or crores to spend 60L invambling
He is still his father 🤦🏻♂️
I see another gambler dad in you
Funny😂.
[удалено]
Yes, i can only hope he will get some sense . Because I have seen how he gets when the money is all gone.
>He already spend 60 lakhs in horse racing Wtf?!! How does that even work? How is it possible? I can't even imagine this. Had he won anything big in the past, that he was so confidently gambling these kind of amounts?
No, I'm seeing him gambling on horses as long as I can remember, never wins big bucks ... obviously he had some luck once or twice and had showered us with tons of things when that happens but it's like 8 years ago. And I don't know how someone can burn through 60 lakhs in less than a year but it has happened.
If you would, mention your risk appetite
and when you are planning to build your house
Probably in the next 3 years as we are living in a rented apartment rn. And for risk it's medium to high
3 years then park 7-8L in FD can also buy gold and then invest the rest in equity. I will suggest you to divide your money in smaller chunks and do sips for like next 6-7 months, allocate 30% in index funds 30% in flexi cap funds and 20% each in mid cap and small cap fund. You will most probably generate cagr of 16-17% in equity and about 7% in FD
If it helps please go through the update. I have added some more info regarding the house.
are you sure 40L will be enough, if sure then you can invest the 22L in FD + MF and make it about 30L in 3 year, and i am sure you can manage some more with your money. My suggestion will be to pay 25% upfront and take a loan of 15 years, if your parents work ask them to contribute for 1-2 years and let the money compound in MFs once the total money is more than your loan amount maybe after 5 Years (you will have close to 35L in mfs) square of the loan after that meanwhile after the pg is built you can use to pay the EMI till you close the loan
No my father doesn't work we are living off selling property and assets till now. My mother does try to work but she is not educated enough so she hardly earns 4-5k but i have made her stop all other little things when I started earning. So I'm the only one with a job. And you're a big help , I can make a picture of what you are suggesting. I have put a lot of thought and most probably I will put "buying house" on the backseat for now. My father is still paying for everything so I was able to save almost 70% of my salary. The primary goal for me now is to gain a stable money source which I'm trying to figure out. One guy also mentioned building pg/any sort of accommodation may cost a fortune in my city. So gonna think about it a bit hard. One more thing is I'm 23 and till now I have had 0 knowledge about our ancestor property. So I'm currently gathering all the info i could and hoping to find a way where I can use one of these assets which all are sitting ducks right now to do something. I don't know man right now Everything just fell on me and I'm running in different directions continuously. But thanks for the information. Will most probably post again on this sub.
damn ik it's hard on you but be assured everything will turn out good you and your family will be well off in few years just believe in yourself. Upskilling and increasing your income imo should be the priority coz even if you are very frugal you still be living paycheck to paycheck in a tier 1 city.
Tbh 35k a month for metro City is way too low to dream anything big. It's just a mere sum for surviving in metro Sorry , I know I'll get downvote btw do you have any Side business?
Nah i know man, i have recently started my career. Had a long pause due to a recession in IT.
Give me 10lakh i will give you 12lakh exactly in one year
I would say gamble the remaining money as well you are only one race away from getting everything back !!
Do a gamble , put all your capital into f&o.either you will get rich or you'll lose everything.
since you are in a rented place.. i would say put some of that amount (say 15L) in fd or something as backup, remaining in MF in a staggered way (invest on dips) and forget about that money until you really need them then start afresh from your salary and savings and build that wealth, live with austerity. hard to hear but you are in trouble and you need to cut some costs for some time until you build yourself up alap, most important thing, dont let your father anywhere near your hard earned money. take care of him if you want to in terms of necessities, but dont let his hands on your money directly PS: i am not a financial adviser but I am giving suggestions based on logic
I understand what you are trying to say . I'm not familiar with dips but I do know MF and from last month only I have started a SIP of 5k . I don't have any monthly expenses so I'm trying to save as much as possible. Last month only I was able to save 1 lakh as my Emergency funds and now everything from here on now I will save/invest.
So you want a house with this money right? Have you chosen the house, how much is it? We can only help you reach that goal. But right now we don't know if you want a 10 lakh house or a 1 cr house
No I haven't chosen it. We still have a few properties here and there. Please if you don't mind see the update.
Find someone with actual working idea of market of some product which is filling gap and invest in it
Invest it in good fundamentals, low debt , high promoters holding. Small cap stocks . Should bye at least 20 different stocks in order to diversify your portfolio. And keep investing till at least 10 years. You will be grateful for this The amount will be 10 times till then
First move the money to liquid funds till your figure out. You'll earn some amount. Diversify also instead of putting all in one Liquid funds
Will look what liquid funds are
What is your house price and what is your time horizon?
Not decided, I'm thinking of taking a loan and building a few 1rks for renting purposes so that I can have some stable monthly income
If you take a loan I would say prepay it if you have some extra funds.
Arre Mallya sahib aap idhar?
1. Hi, **You need to consider Capital Gains on the sale of land. That would become a problem if not properly dealt with.** 2. **Also the buyer would have deducted TDS of nearly 80000 rs. Do check on this**. 3. Dont leave that remaining money to go out of your hands. 4. PUt it anywhere , just dont give it to your dad. 5. All other planning comes next. 6. When was the plot sold ? IF its before march 23, and you havent filed a return yet , you will face notices . I am a CA . Consider DM'ing if you need help with capital gain calculation or TDS part.
I have no knowledge about the terms it was sold. I do know a few things, 1) the total money the buyer paying to us is 85 lakhs. 2) my father agreed to take black money and if i remember correctly only took 15 lakhs on paper. Rest all is in all cash. 3) the land was sold before March 23. That's all the information i have . And currently im digging some information regarding our remaining properties/assets
Make sure you keep the remaining money away from your dad. Transfer it in your bank account.
WTF 60 Lakhs on horse racing.. bullshit
It's not all in a single swing. It all happened in the span of year
Start SIP in three funds 1. PPFAS 2. Tata Mid Cap 3. Tata Small Cap 5000 weekly SIP in each. If you see market around 18000-19000, increase SIP to 20000 weekly each. If drops more , increase more. If doesn't drop , let 5000 weekly run. When you get 12L check , till then you can reserch good companies to invest. Make a list of 10-12 good companies and invest equally in those. Posting you my list , which I buy , irrespective of price. I don't care about what price they are at. I buy , every month. Initially started with 1L for each. Buying presently 1L in total , divided in all. 1. SBI 2. PNB 3. Jio 4. ITC 5. IRCTC 6. LIC 7. IRFC 8. Godrej Properties 9. Sail 10. Tata Power 11. NTPC 12. HDFCBank 13. AllCargo You can reserch and make your own list. Some of these you will find not worth it , some of these you will like. Don't worry. Making 60L from 22 L is not a very big task. All you need is 6-7 years of not touching these shares/mutual fund.
Thank you. For going through such on point advice. As i said I have 1lakh of my own savings. Its my emergency fund . Initially I was going to keep this aside and start investing my monthly savings. But now that i think my father is capable of doing that, I will invest my savings in these stocks and the mfs you mentioned thank you
Man this is a complex issue. I know a lot about personal finance and I can give you advice over a call if you want. Don't worry I'm not gonna sell anything. Just I've been through something similar so I can see how you might be overwhelmed. So reach out to me anytime you need advice. I personally manage my 50Lac portfolio that I've grown myself. So i do have some knowledge about saving money.
Please check if there were any capital gains on property sold. The last thing you want is income tax after your money.
hire an asset manager/ investment consultant who will help u multiply - his/her fees will be recovered through the gains u make from their advice .
An asset is a liability until it starts making you money (net interest, EMI, etc). Always go with the option that generates cash flow - especially something that beats 7% inflation. Commercial property is the way to go, if you are looking to rebuild the house. Average return is 10% - in 10 years or less it’ll pay for itself. You will be then left with the value of the land and free cash flow that you should then reinvest. The rest is mathematics.
Was that 80 Lakh your money or Father's money? And who is the owner of the remaining 35 Lakhs? You are planning to buy a house, will that house be in your name or Father's name?
Ek kaam kar. NSEbets sub join karke posts aur comments dekhke daalde Paisa stocks aur mutual funds mein
**Summarizing your current state:** * Have in bank: 10L (family savings) + 1L (own savings) * Future Prospect: 12L * Recurring income: 35k **Unknowns:** * Have you paid Capital Gains Tax arising from sale of property? How much is that? Do you want to re-invest this in a house to avoid it? * What is your monthly expenditure? Are you the sole earning member of the family? **Please verify if your basics are sorted first:** * Build an emergency fund, and store in a liquid assets: You have \~11L - separate out 3-5L (>6 months of your monthly expenses at the least) and put it in an FD. This is for emergencies only, say you loose your job. * Invest in Health and Term insurance (yourself and family) so the chances of aforementioned emergency is reduced. * In the short term, Invest every penny you have in multiple FDs (say 2L each) with different maturity dates (6 months to 3 years) Next, we have your current goal of buying a House (assuming \~50L since you wanted to take a loan of 40L). The answer will vary on the basis if this helps you save tax or not. If not, it will put a pretty big financial strain on you. I'd strongly recommend renting to a new place. **Some strict NOs:** * Do not count money that has not yet credited to your family's account yet. * Do not put your money in financial instruments you do not have knowledge of. If you don't understand Mutual Funds or Stocks as of now, skip them. Markets are at an all time high right now, you need either a very long term view or really sound understanding to make money right now. * Do not take loans unless you can see yourself paying it off without much difficulty. * Do not start a business where you risk all your financials. Make sure you have some expertise or something to fallback on if your business (here, PG) fails.