Im 32 Years old now, I have a girl baby in 2 years old. I didnt invest/save anything for future. please advise
Follow below steps-
- Buy term insurance on your name to the tune of around 15-20 times of your yearly income.
- Buy health and accidental insruance for your family and you respectivately.
- Create an emergency fund of at least 3-6 months household expenses.
- Start investing in debt:equity in the ratio of 30:70. For debt, you can use PPF or Sukanya Samriddhi Account (if child is girl).
- For equity use one large cap fund like Franklin India Bluechip Fund and one mid cap fund like HDFC Mid cap Opp Fund or Franklin India Prime Fund.