This post is for all people in the 20-30 age group. People above 30, if they haven’t done things below then leave every other work in the world and just focus on these goals.
20-30 is a very crucial age. People are deciding, learning, adapting, evolving every single day so they would never know what they want for themselves sometimes. At this stage, investments generally take a backstage and that is dangerous.
We will worry about the most important things to do so that we don’t worry or fret about it later in life when we know more about ourselves. Below is the table which clearly show the percentages to be invested based on whether you are married or not and have dependents or not.
For insurance related info please refer to post – http://fitvi.com/2014/11/07/risks-worth-taking-in-life/
*Dependent – Generally parents without health insurance or house wives or with kids | *ELSS – Equity Linked Savings scheme | |||
Man | ||||
Bachelor with dependents (Parents) | Bachelor no dependents | Married with dependent | Married no dependents | |
Life Insurance | 15 times current salary | 10-15 times current salary | 20 times of salary | 20 times of salary |
Health Insurance | Each min. 2L | Min. 2L | Cover of atleast 7L+ | cover of atleast 5L+ |
ELSS | 5% of salary | 5% of salary | 10% of salary | 10% of salary |
PF | 5% of salary | 5% of salary | 10% of salary | 10% of salary |
Emergency Fund | 6 months salary | 6 months salary | 12 months of salary | 6-9 months of salary |
Recurring Deposit | 10% of salary | 5% of salary | 5% of salary | 5% of salary |
Equity Mfs (large to medium) | 10% of salary | 15% of salary | 5% of salary | 10% of salary |
Woman | ||||
Bachelor with dependents (Parents) | Bachelor no dependents | Married with dependent | Married no dependents | |
Life Insurance | 10 times current salary | 10 times current salary | 15 times of salary | 10 times of salary |
Health Insurance | Each min. 2L | Min. 2L | Cover of atleast 7L+ | cover of atleast 5L+ |
ELSS | 5% of salary | 5% of salary | 5% of salary | 5% of salary |
PF | 10% of salary | 10% of salary | 15% of salary | 15% of salary |
Emergency Fund | 3 months salary | 3 months salary | 6 months of salary | 6 months of salary |
Recurring Deposit | 10% of salary | 15% of salary | 5% of salary | 10% of salary |
Equity Mfs (large to medium) | 5% of salary | 10% of salary | 5% of salary | 10% of salary |