{"id":9577,"date":"2020-09-23T13:26:27","date_gmt":"2020-09-23T07:56:27","guid":{"rendered":"https:\/\/www.mintyapp.in\/blog\/?p=8838"},"modified":"2024-05-27T16:04:22","modified_gmt":"2024-05-27T10:34:22","slug":"are-you-also-in-your-30s-like-mehtas-check-out-their-financial-situation-good-and-bad","status":"publish","type":"post","link":"https:\/\/blog.fintoo.in\/blog\/are-you-also-in-your-30s-like-mehtas-check-out-their-financial-situation-good-and-bad\/","title":{"rendered":"Are you also in your 30s like Mehtas?"},"content":{"rendered":"\n

Financial planning\nis so crucial and is different for every individual. It differs based on the\nage of a person, his risk appetite, his current investments and the most\nimportant factor – his goals. <\/p>\n\n\n\n

Keeping this in\nmind that \u201cNo one financial plan fits all\u201d, today in this blog we will be\ndiscussing a case study of Mehta and family (Name changed) to help you get an idea\nof how to plan your finances. Check this out and see if you relate to Mr.\nMehta.<\/p>\n\n\n\n

Case study<\/strong><\/p>\n\n\n\n

Mr. Mehta is 35 years young man and is married to Jyoti who is now 33. They both have a son, Ansh. He just turned 2. They are living a comfortable life in a small apartment of his own in a good locality.<\/p>\n\n\n\n

Let us have a look at his financials now.<\/p>\n\n\n\n

Mehta\u2019s Personal\nFinancials<\/strong>
\nHis current annual income (net in hand) is Rs. 10.80 lakhs, which is Rs. 90,000\nper month after taxes. His family household monthly expenses are nearly Rs.\n70,000. He invests Rs. 15,000 per month, and saves Rs. 5,000 per month. He\nexpects his salary to grow at 10% per year from next year onwards. <\/p>\n\n\n\n

Jyoti, on the other\nhand is a home maker and hence is not earning any salary. However, she does\nbaking at home and sell her cakes in the society itself. This brings in around\n10,000 on a monthly basis to her. <\/p>\n\n\n\n

Mehta\u2019s have a family floater medical insurance that covers them and for this, he pays Rs. 12,000 per year. His company also provide medical insurance but he doesn\u2019t know much about it. Apart from this, he has no other insurance. His accumulated EPF is Rs. 1,00,000 and he invests Rs. 1800 per month into his EPF, which his employer matches.<\/p>\n\n\n\n

Assets and Liabilities<\/strong><\/h4>\n\n\n\n

We will now try to have a better understanding of his assets and liabilities.
He has a PPF account where he invests Rs. 70,000 per year and wants to continue doing so. The current value in the account is Rs. 11 lakhs. Mr. Mehta has equity mutual funds worth approximately Rs. 5.50 lakhs, and direct equity of Rs. 2.50 lakhs. He has liquid funds worth Rs. 85,000. He has no gold exposure. His residential home is worth Rs. 2 crores. <\/p>\n\n\n\n

Must Read: Top Secrets Of Having An Effective Financial Planning<\/a><\/p>\n\n\n\n

Mehta’s Goal<\/strong><\/p>\n\n\n\n

  1. Buying a bigger house\nis what Mr. Mehta looks forward to. This will cost around 3 crores. He wants to\nachieve it as early as possible by taking loans.<\/strong><\/li>
  2. Mehta\u2019s want to plan\nfor their Son\u2019s education. They are clueless about the cost as of now. However,\nthey provide a rough estimate of spending 15 lakhs when he turns 18.<\/strong><\/li>
  3. Goal of an\ninternational vacation is on their minds. But this is not immediate and also\nlow on priority.<\/strong><\/li>
  4. Mr. Mehta would also\nlike to know how to plan his retirement considering he will be spending around\n40,000 per month in current terms post retirement.<\/strong><\/li><\/ol>\n\n\n\n

    Good Moves of Mr.\nMehta<\/strong><\/p>\n\n\n\n