Hi, M/37 married with a 8 yo kid. Had some doubt about my financial status and how should i go from here. My current situation:
MF: 11 lakhs
Rent receipts: 30,000.00
Take home : 3-4 Lakhs per month
This is my earning alone, I am a self employed individual. My wife is employed and earns around 2 L per month which is invested in espos and MFs
Would like to know what does the above financials mean? Am i doing good or am i too leveraged.
Also, with the home loan 2 planning on pre paymentof 3 emis annually. Does this make sense or should i be investing that amount in MF
Thanks in advance!
Edit —————- on 24.02.24
Further additions:
Thanks for all the good hearted advice. Have read all your comments, and was able to come to a few decisions. Just to put things more clear, below are further details that i seem to have missed but should have mentioned earlier;
Insurance: Health Insurance: 15 Lakhs + 15 lakhs (me and wife) Term Insurance: 5 crs (me) 2 crs (wife)
Liquidity: FD: 5 lacs Cash: 8-10 lacs Gold/ gold bonds: 8-10 lacs
The above is in an individual capacity. Business savings and FDs are separate.
Retirement planning: Max out on PPF Rental incomes
Credit Card: I have a card from Citibank (limit of 3 Lacs) insisted on lower limit to discourage unnecessary spending. The card is being used as more of a last minute emergency swipe (medical emergencies or such exigencies) and not for shopping.
I do feel that the loans are a burden but down the years if the loan is paid of in 10 years (as is the plan) I feel the portfolio would be much better. Having said that i do feel that i heavily invested in real estate but nothing better is what i feel.
Business: No cc, no od. Healthy cash flow. Debtors to creditors ratio is almost at par. Healthy revenue stream.
Also, the wife’s income is invested with a view to cater to my kids needs and requirements in the future.
Hope this helps to guide me further.
Looking forward to honest feedbacks. Thanks in advance.
- Home Loan 1: 53 lakhs outstanding (1.10 crore property value)
- Home Loan 2: 1.70 Crore outstanding (1.90 crore property value)
- Car Loan 1: Paid off
- Car Loan 2: 12 lakhs outstanding
- CC rolling debt: 1-1.5 lakhs
MF: 11 lakhs
Rent receipts: 30,000.00
Take home : 3-4 Lakhs per month
This is my earning alone, I am a self employed individual. My wife is employed and earns around 2 L per month which is invested in espos and MFs
Would like to know what does the above financials mean? Am i doing good or am i too leveraged.
Also, with the home loan 2 planning on pre paymentof 3 emis annually. Does this make sense or should i be investing that amount in MF
Thanks in advance!
Edit —————- on 24.02.24
Further additions:
Thanks for all the good hearted advice. Have read all your comments, and was able to come to a few decisions. Just to put things more clear, below are further details that i seem to have missed but should have mentioned earlier;
Insurance: Health Insurance: 15 Lakhs + 15 lakhs (me and wife) Term Insurance: 5 crs (me) 2 crs (wife)
Liquidity: FD: 5 lacs Cash: 8-10 lacs Gold/ gold bonds: 8-10 lacs
The above is in an individual capacity. Business savings and FDs are separate.
Retirement planning: Max out on PPF Rental incomes
Credit Card: I have a card from Citibank (limit of 3 Lacs) insisted on lower limit to discourage unnecessary spending. The card is being used as more of a last minute emergency swipe (medical emergencies or such exigencies) and not for shopping.
I do feel that the loans are a burden but down the years if the loan is paid of in 10 years (as is the plan) I feel the portfolio would be much better. Having said that i do feel that i heavily invested in real estate but nothing better is what i feel.
Business: No cc, no od. Healthy cash flow. Debtors to creditors ratio is almost at par. Healthy revenue stream.
Also, the wife’s income is invested with a view to cater to my kids needs and requirements in the future.
Hope this helps to guide me further.
Looking forward to honest feedbacks. Thanks in advance.