Name: Rajesh (48) and Priya Bharne (45)
Resides in mumbai
Profession: President in an engineering co and Priya is an officer in a PSU Bank
Net annual income
(Rs 36 lakh)
Status & goals
Rajesh and Priya have been disciplined throughout their life in saving and investing. Now when their life's major goals are nearing, they want to be sure that they make no mistake in their finances. Daughter Asmi is currently working after her graduation. She is looking forward to doing her MBA from a premier institute. Younger daughter Ankita is doing her graduation and intends to do her Phd. Rajesh's father is ailing and needs full-time care
A financial road map which can help Rajesh and Priya plan for secure future of both their daughters and their own retirement.
Net monthly surplus
SB Balance : R 80,000
F D : R 10 lakh
PPF : R 28 lakh
EPF : R 44 lakh
Equity MF : R 12 lakh
Stocks : R 10 lakh
Gold : R 16 lakh
Property : R 1.2 crore
Emergency fund: They have sufficient amount in their bank in form of savings bank balance and FD to take care of any emergencies
Health Insurance: They are well covered by their employer on the health front. They might need some additional funds to take care of their father in case of his condition worsening.
Insurance: Rajesh and Priya have small insurances compared to their income. They have been lucky that nothing untoward happened so far. At present, they have created sufficient assets to meet their current and future goals.
Investments: They have been saving and investing about 40% of their combined incomes right since the beginning of their career. The results are showing now. They have a net worth of R 2 crore plus and are comfortably set.