I’m a 27-year-old married software engineer from a middle-class background with a young daughter (1.8 years old). I’m reaching out to seek financial advice from experts and am open to any suggestions or guidance.
Current Situation:
I’ve just received ₹9 Lakhs from a matured chit, and I’m looking for the best way to invest this money.
Goal:
My goal is to reach ₹1.5 Crores by 2030, aiming for Financial Independence, Retire Early (FIRE). This amount would cover 25 times my annual expenses.
Income:
- Monthly salary: ₹1.36 Lakhs (after taxes and NPS contributions of ₹4,670)
- Side hustle income: ₹50,000 (on average)
Total monthly earnings: ₹1.86 Lakhs
Current Investments and Obligations:
- LIC Jeevan Anand: ₹3,800/month
- Post Office PLI: ₹2,800/month
- Mutual Funds (SIP): ₹12,600/month (Large Cap: ₹3,600, Multi Cap: ₹4,000, Small Cap: ₹5,000)
- Chits: ₹28 Lakhs total, with a monthly payment of ₹1.2 Lakhs. Out of this, ₹9 Lakhs has been received in August, and ₹18 Lakhs is expected in December. These chits are unregistered and will be discontinued once they mature.
Debt:
- ₹13 Lakhs with a monthly EMI of ₹38,000
I’m looking for advice on how to best invest the ₹9 Lakhs I just received, considering my goal to reach ₹1.5 Crores by 2030. Any guidance on optimizing my current investments and handling my debt would be greatly appreciated.