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Hey buddy, Go for recurring deposit in post office it gives a good interest of 5.8percent per year and it compounds qauterly !
This recurring deposit time period is for 5 years, you can contribute from min of 100 to max of ur choice per month
This is the only best compounding scheme with good interest with monthly deposit for 5 years!
Umm.. is that even enough to fight inflation?
After 5 years, take this amount put as minimum fixed deposit and get a loan against fixed deposit where you don't need to pay interest of 7 percent, you have to pay only one percent interest for the amount of loan you take against fixed deposit when you pay back
So this will allow you to have money to buy house.. And a security to compensate when you don't have job to pay money for house loan you took against fixed deposit
Buy a credit card and start maintaining credit score... Out of 900 points.. If your credit score is below 800 your interest would be 7 percent let's assume
If your credit score is around 850 and abive.. You will have 6 percent as interest
So use / buy credit card only when you are sure about yourself that you whatever happens you will Contibute 30k per month to recurring deposit in post office
If you skip month.. It will affect your long term goal
But then are we even gaining anything if all we're doing is fighting inflation? Wouldn't large and midcap yield far higher returns?
Also is that 5% quarterly? I thought these were anual returns
Bro why do u need to buy a house, go for rented house till ur age is of 40
Why am I saying like this because.. People around us will always critize us for not buying a house when we get good salary and stuff, do. Ignore them
Lets assume you like to buy/buy a house for say 50lakhs
Whose 5 percent interest 2.5 lakhs
When you divide 2.5lakhs by 12, your value would be around 20,000 per month
Which would be better to pay for rent instead of paying loan and emi for 50lakhs
Many would say that you are wasting money in paying rent
But do the calculations
Bank will give u 50lakhs over the tenure period of 30years
Where at the end of 30years would have paid more than 1.2 crore in loan and interest to bank
Where my point proves that you ain't wasting money on rent, instead saving the rest in postoffice ppf or post office rd
Building wealth is different from getting avg returns of 10-12 percent.. Since ur shocked by seeing stock market now in red, I don't think u can invest in stock market without worrying / withdrawing capital investment with loss when u see bleeding red in portfolio
Also this red time is the best time to buy stocks and mutual funds if you are trying to build wealth
You get 3 lakhs as interest when you invest 30k per month within 5 years
Also this is no risk
Stock market you cannot get 3lakhs as such
You have to pay 15 percent tax on capital gains which is 45k as tax on 3 lakhs
Here in post office your interest tax is 10 percent
Those large cap and mid cap mutual funds chart shows higher returns like more than 10percent or 20percent.. But check the chart after ignoring the last 2 years of covid.. The growth would be very less like 5-8percent...
Whatver you do in stocks when u redeem it before 2 years you have to pay 15percent tax
You can match the inflation with india stock market and not beat em with low risk, also you cannot go for higher risk since ur building wealth to buy a house in 5 years and not in 20years
I have a another workout for u.. Posting in next comment regarding buying a house
You can also go for invoice discounting options which is currently giving between 11-12% return pa. I have been using it for more than a year and it's working great.
I've never heard of this, can you share more info?
contact me for paid consultation i will try to suggest you ab moderate risk appetite portfolio@9302340643