Beware the quantum computers
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Suresh Parthsarathy
I was working as an accountant in the Gulf, but lost my job recently. Since I am 48, most of the companies I approach are not keen to pay a decent salary. My daughter is in the second year of B. Com. Let me know if I can manage with my available funds to lead a comfortable life in a Tier II city.
Maheshwaran (Name changed on request)
Solutions: With the current funds, you can lead a reasonable life till 75, provided,you do proper asset allocation and invest your money. However, to beat the shortfall, you can sell your property and live in a rental house. When your income is almost nil, it is not wise to keep such big amounts in the savings bank account for eight months. Open a fixed deposit account and transfer the money. As interest rates are going up, invest ₹20 lakh in company deposits with good rating, which can earn 8.5 per cent annual return.
Out of the rest, set aside ₹1 lakh for your daughter’s final year studies. Invest the balance in mutual funds, predominantly in balanced and large-cap funds.
If the mutual fund delivers 12 per cent return, your equity investment will be worth around ₹33 lakh by the time your daughter gets married.
Utilise ₹13 lakh for marriage. If you have a shortfall in meeting monthly expenses, withdraw through the systematic withdrawal plan to meet the family expenses.
Increase your health cover by ₹3 lakh.
I suggest you take up a job now, even if the salary is less than your expectation.
If you can just meet the monthly expenses from your salary for the next 5-10 years, you will be in a position to bequeath the house to your daughter; also, going to work will keep you fit.
The writer is investment advisor and founder Myassetsconsolidation.com. Send your queries to blinefp@gmail.com
Please Email the Editor