1) Have term insuranceof 1 crore for myself, wife, parents and kids. So, premiums would total to aprox 50 Thousands 2) Have medical insurance of 10 Lakhs for all of the family members. This would cost to 50 Thousands 3) Buy an Independent House in home town (30 Lakhs) 4) Buy property in Cities like Hyd,Bangalore,Chennai which returns some rent. Eg: 50 Lakhs should return atleast 40 K rents
5) Rest of 20 Lacs, split it to 4 parts and keep it in 4 accounts (5 lacs each in Mother, Father, Wife and self) for any emergency.
6) Try to do some work which will give peace of mind. Eg: Baby care centre or a Lecturer job and happily spend time with family and take care of every one's health. 7) Now, you have returns of 40K(rents) 10K(Fixed Deposits interest post tax) You don't need to pay rent as you have own house Your life and Health is insured Doing some job will fetch you atleast 10K per month. So, in total you have 60 K as monthly income, which can accomodate yearly insurance premiums ( Which can help in income tax savings) and your monthly expenses. Also, with this amount whatever you could save, plan to invest back in Mutual funds and Gold. Never goto real estate as the real estate portfolio is too much.
