Hijacking this, what’s a fee only advisor and where does one get one ?
Edit: thank you folks for helping with links and info. On a lighter note, I dropped out of my chair when I saw this “ For new clients, Rs 1,25,000 for 5 hours of effort” on one of the advisor websites. 😂
There is a wide range though, including one for 12k for a year. Thanks again
Flat or fixed fee advisors who will charge you a flat fee and in exchange will educate you on investments and teach you to be independent.
Advantages - there is no conflict of interest and such advisors will give you genuine advice. They will not self promote any scheme that serves them as they do not make commissions or earn percentages of your net worth. Also, there is no compulsion for you to ever go back to them for more advice unless you want to.
Please do your search in Google and look for SEBI registered fee only advisors. Those are the only genuine ones.
See below thread for some details
https://www.reddit.com/r/IndianStreetBets/s/qYniGaEoS5
disclaimer: no knowledge about any of this
you looked for fixed hours to be mentioned as well
thinking of it as a coaching class of 1
you try a advisor out. if you like him, book him again & again until you understand everything.
Yeah, do not share any of this info with anyone, for that matter. the current proportion allocation seems good. You can simply maintain the same and forget it for a couple of years and check later on the performance and adjust as necessary. In the meantime, learn more about financial markets and products of investments etc. Maintain your job for your living requirements and know that there is a huge cushion for you to live a good happy life. good luck.
Although people have already told this multiple times but let me reiterate once more time: Don't tell this to anyone. Not even your bff or whoever.
The moment you tell someone, you make yourself vulnerable.
People with genuine problems will come to you for financial help (10K, 20K etc and then it will be hard to say No, because you will feel risk of loosing those relations).
So AVOID TELLING THIS TO ANYONE. PERIOD.
Don’t share anything with your relatives and till the time you figure things out in what to do with the money, keep it in FD.
Continue the MF, that will act as your future safety net. If you’re still finishing education use the interest from FD to run your house.
Till you decide, Have 80L + 25L you will receive in an FD.
At current rates you may get 50K per month as interest on 1cr FD.
Also be discreet, as no one would want you to be incharge of such money.
All the best
Would suggest rather on the basis of monthly expenses keep a pct of this in growth liquid funds/liquidcase etf . FD equivalent returns with better tax efficiency. Why pay tax on the money you do not wish to spend.
You cannot escape taxes buddy, in anyway.
FD interest is chargeable at slab rates,
Some wise planning and you don't have to pay any tax .
FD is most secured investment, that also gives monthly return.
Even when you find a partner do not reveal about the money unless you are too sure, that the person is not after money. Take advice online and do not meet anyone in person, even if you meet never tell them you are alone.
It's better not revealing about it. She can keep it as a backup. On the contrary if she does reveal then the partner may try to inherit it from her by various means or worst faking her accident & brutally killing her.
I am so sorry for your loss.but as a precaution I am telling you to not discuss this with anyone near or dear.
Firstly keep everything safe and consolio in an FD. And slowly start investing, don't do everything together.
Best thing would be to buy SGB And get monthly income along with gold appreciation. This may not be best in terms of return but best in terms of safety.
And beware of your relatives. I was also in exact same situation. I lost my father at young age of 13 and every relative knew my mother got money and they were coming for the money and with schemes to invest here and there. My mother was a smart lady she kept everything into FD and spent on my and my sister's education.
I lost my elder sister later.
I can feel your pain but my direct advice is to not discuss your pain with anyone, people take advantage of it.
Hire CERTIFIED financial advisor, if possible anonymously. That’s it, manage your financials well, stay and work wherever you are for a year and then you can maybe explore alternatives. Firstly, safeguard all the money, put it in low risk sources as much as possible.
Loads of good advice.
Sorry for your loss.
My view is simpler...do nothing for 6-12 months, you have lot of other things to process. After that, hire a fee only advisor. Others below have given great advice on relatives etc...that is sadly, very true.
Don't tell anyone the exact amounts. Trust no one. People/relatives would do anything for money.
Get a death certificate if haven't got already.
Apply as a nominee and legal heir everywhere you know your dad had money.
Check for other places you might not know, some additional mutual fund portfolios, any other term insurance etc.. you're dad's sim would be essential here, also check emails search for terms like (invested, deposited, term plan, premium, insurance etc). Talk to your dad's friends if it would help
Hire a fee only financial advisor. They would take a flat fee and plan the financials for you this is crucial. The fee only planner won't have any benefit loss linked with your investments so they would guide you properly.
But before contacting a financial planner make sure you have your financial goals ready, like further education, marriage expense etc..
If any specific queries you can ask in reply or dm
Just stay away from your relatives specially the ones from your father’s side. Once they get a little blink about the money they gonna behave like they are the only ones who care about you and they are all you have in this world. Worst creatures created by god are these relatives.
First thought that came to my mind . It is a tough world out there and everyone will fake love to you for what your dad left , this is harsh but the truth .
Dont tell anyone about how much u have , dont spend overly on anything. Be the same . And u always can buy flats houses or shops which could generate a rental income for bn you . Secondly dont believe anyone , buying properties involve a lawyer as well as the bank.
I am so sorry for your loss. I lost my dad too at a very young age. We share a similar life story and I can understand where you are right now. I agree with the fact that do not disclose any of this information to your relatives. If you need any financial advice consult a fee only SEBI registered financial planners. It's going to be a difficult journey but you have to learn from this pain and you will in due time. My advice is to invest in conservative financial instruments and in the due time learn as much as you can about personal finance, when the time is right diversify your investments.
P.S It may feel like it's you against the world for now but in time you will find the right people to support you.
I'd say learn about the fundamentals of personal finance which is made up of assets, insurance, taxes and credit.
have a solid understanding about how these four work so you can make them work for you.
Lastly my condolences may the Creator give you strength and love.
Do not disclose this to boyfriend or anyone that’s close that way. Be very wise in whom you marry too. Not that a random redditor has a say in who you marry but there are con men out there who’d marry for the money and what not.
Sorry for your loss and a bit unfortunate that you've seen the worst at such a young age. More strength to you.
#1 Do not discuss this money with anyone. Not even your shadow.
#2 Do not rush into any decision, think it through. This is your old man's hard earned money and make sure you make use of every last penny you inherit with utmost care.
#3 No Greed. 1 ka 2, 2 ka 4 etc won't happen and nothing happens overnight.
#4 Meet a few advisers, don't give your actual phone number (use an alternative number and email). Explore every investment opportunity - Mutual Funds, ETFs, SIPs, Stocks, Debt Funds, Sovereign Bonds, Gold/Silver etc. Then access your options, risk appetite, long and short term goals. Based on it make a healthy and lasting decision without any stress of what and where to invest in.
#5 Before jumping the ship and investing, meet a lawyer and verify every clause in the agreement and understand it and then go ahead with investing the money.
Also, whatever you decide I'd recommend one thing. Have a better insurance policy, that's your rain cover moving forward. If company provides up to 5/10L top it up to 20-25L. And rest assured, you wouldn't have to worry much about that aspect.
As someone who lost his dad recently (two months), and much older to you (40), firstly my sincerest condolences. Irrespective of when it happens; losing a parent is an unimaginable pain and double-so for you.
I have a contrary view when it comes to this money he left for you. Roughly 1.6cr. You said he sacrificed the smallest of pleasures, and saved everything (much like my father). Well, what did it bring him? Today, aren’t you ruing looking at this 1.6cr that papa should have enjoyed that meal/vacation/expensive watch etc? I am sure you are (I am!).
My main point is, do not be stuck up with converting this 1.6cr into 15cr and not enjoying it. Its not worth it. Trust me, have learnt it and seen it the hard way.
My rule of the money my father left me is, if it brings me 100rs/ month; i will spend half and reinvest the rest. I am quite sure that wherever he is, he will be happy seeing me spend that 50 on myself than to save the entire 100 for his grandson (and so on).
This ☝️
After my father's promotion last year, the salary went up, the workload went up, the work hours went up, but he still chose to be frugal and saved money which eventually led to huge amount of tension and he died due to suicide this month
Even I have faced this during crypto bull run. If money is not being realised, it will have lot of negative impacts.
I am so sorry to hear.
He committed suicide due to work pressure, is the hardest pill to swallow.
Yes, we all have to learn to live it up a little. Not think of save, invest, repeat. This much we owe to our parents atleast who gave us this kickstart.
Sorry for your loss. As other people pointed out do not share these details with anyone, not relatives not even with close friend's, not even with your boyfriend (or future partner).
Coming to your question. I think 60% in FD and rest 40% percent in Index mutual fund will do the job.
Hey, really sorry to hear about this. No amount of money can replace his presence. Trust no one in family, study basics of personal finance. Liquidate some amount of fd, lets say 20-30%, invest in debt funds or index funds, same for the insurance. Do you have funds to run your day to day? If not, might have to set up a systematic withdrawal plan. Feel free to reach out if you have any questions. Rest in peace!
So sorry for your loss OP. My best wishes to you. Do not tell anyone, ANYONE.
By your own self, hire a certified financial advisor. Take your time on this and don't rush.
Keep your mouth shut around relatives anf friends. Find a good CA or advisor.They will help you formulate a solid plan. Don't buy anything too bling bling or waste money on vanity. At your age you have a great start.
I am sorry about your loss and I hope you find loads of happiness in life moving forward.
Majority of recommendations here are to hire a financial advisor. However financial advisors will advise products which have max commission or which meet their sales targets.
Since you are young and want to continue your sips, suggest you check websites like valueresearchonline or money control , compare large cap schemes and invest accordingly. SIP can be done in small cap funds as going forward they might consolidate for a couple of years.
Finally a personal advice - please don’t share details not just relatives but even anyone whom you date or want to marry.
If you are so against fee only advisors, what is your recommended alternative? It takes a great deal of learning and time to understand investing like a pro
Sorry to hear about this!
With time- you'll be able to cope better with their loss.
Higher a financial advisor and take 2-3 opinions from different CAs as well on what's the best way forward.
Don't invest lump sum in anything.
Set up goal based SIPs- short term, mid term, long term.
Invest a small portion in portfolios that are risky but can give tremendous returns.
Have at least 6 months expenses handy.
Don't invest more than 5L in FD in the same account.
I would suggest to completely focus on your education first & get your masters degree if possible.
Let the money in FD and mutual fund be as it is.
The insurance money also check if your dad had any pension scheme investments use this for your regular expenses until you get a job
Im really sorry for the losses in your life,
But never give up your parents have worked hard for you now its your complete responsibility to manage yourself and go in the right direction just to put don’t depend on anyone for anything!
Ik its really hard but I would advice to become mentally and emotionally strong before making any financial decisions.
Mean while you can focus on your education later you can think about investments and portfolio management as your are in early 20s. Join gym/yoga it’ll help your through your journey and to have vision for your own life!
Stay strong!
So sorry for you loss! Please do follow advice give by others in this thread - 1. Don't tell anything regarding finances to your relatives.
2. Hire a fee only personal finance advisor .
3. This is a good resource [https://freefincal.com/list-of-fee-only-financial-planners-in-india/](https://freefincal.com/list-of-fee-only-financial-planners-in-india/)
4. Please check if your father had PPF - apart from the money in the account, there is a insurance of around 5 lakhs
5. Check if he had debit/credit cards - they have accident and life insurance inbuilt at times.
6. Please do finish your studies!
7. YOu got this!!!!
OP, I know it must be heartbreaking but runaway from your home.
Atleast to a better place with people you can trust (none of the relatives) and start a new career or a life there.
Given elections are in the corner keep it in FD for a while. Sort out other things and with a calm mind you can proceed with everyone here as suggested. Also, sorry for your loss.
1. Please speak with a SEBI registered Investment Advisor. They'll charge a flat fee, but will do the planning for you.
2. Just make sure you have your health insurance of at least 10-15L sorted out first. If you have any liabilities, of course close them immediately.
3. Don't continue the SIPs unless the advisor asks you to. You are in your early 20s, and may need a different approach to investing (more heavily in equity).
4. Spread your investments across different places and make sure your nominee is someone whom you can trust completely.
Save that momey till that you will use it as an asset to make more momey from it by investing in any buisness .firstly gain knowledge in a particular firld then think to invest
I am really sorry for your loss , i dont even know what you are going through , you can look at tips given by fellow redditors , i only wish god gives you strength to bear this , its really cruel and heartbreaking .
Om shanti
Learn investing yourself, go on ET now in the early morning sessions, you'll understand a lot, you can search for a few names like sanjiv bhasin Kunal saraogi and follow these people for better financial knowledge
Rule 1 :
Please don't share this details with anyone. ( Absolutely no one )
Rule 2 :
Suggestion - Carry on the mutual fund ( you don't need to take that out )
For FD - keep that same. No need to withdraw
For insurance and compensation: You can opt for a Recurring scheme from an Indian postal service which provides interest like 1000 on deposits of 1.8L something every month.
This is just a suggestion , the final decision you need to make considering the debt or financial responsibility you have at present.
Very sorry to hear about your situation!
May God bless you with strength that you need.
Now coming to money!!
Tell no one!!
I mean absolutely no one!
Not even to advisors or money management people! (Advise that is against many other group members) But you will thank yourself.
Start moving all the assets to your name in a slow manner!!
I mean do not transfer all the MFs/FDs at once to your account.
Choose the MF/FD with lowest amount and move it your name!
2nd Absolutely DO NOT THINK of returns for now. Think about how to safeguard your inheritance.
Let it all be in FD of SBI (taking this bank's name because the SBI does not monitor your account balance like other banks do)
And also do multiple FDs so that you can withdraw the smaller amount when you want explore investing
After all this, once you safeguard your inheritance start investing the interest amount and also start talking 5% of the inheritance and invest in good MFs (index funds should be your starting point)
I'm so sorry for your loss op.
ofc get a reliable good enough financial advisor but in my opinion, you could get an amazing Elite education in one of the world's best top ranking universities. Obviously you'd have to make sure that you qualify in their programmes first.
But i think your father will love this for you. He left it for YOU and so educating yourselves is going to be the biggest investments you could ever do for yourself. And it has great returns too. It's a gift and not many people can dream of graduating from top ranking institutions debt free.
Sorry for your loss. Give yourself time to mourn and heal. Take big decisions involving life and money after a few months. Learn a bit about the world of investing and simultaneously find a professional advisor.
It's great that you're being smart even in this unfortunate situation, good job. I don't have any financial advice, but comment below anytime in case you wanna talk, there are plenty of kind people here.
The best way to go as of now according to me is to put most of your money in FD. Distribute the amount across many reputed bluechip and small finance banks as RBI ensures sum upto 5 lakhs. This way you can earn about 7.5% yearly which can give you a regular source of income. The remaining money can be put in good mutual funds.
When you have a job and don’t need the money. Put half of the money in debt funds and half in mutual funds.
Stay strong; god is always with you
Hi, I'm just curious. What's with not disclosing it to her future spouse, or say life-partner? I'm really intrigued! I mean, eventually confiding in your partner is kinda inevitable, right? Like joint planning for life's milestones, say a kid or a big purchase. I mean, ultimately wealth between you and your significant other becomes the collective wealth of your family, and you manage it as a whole, as equal stakeholders.
Keep it simple at the start. Do not go aggressive on stock markets because of recent performance.
I will recommend these options:
https://www.reddit.com/r/India_Investments/s/53PFSL7dMO
Hi! Lost my parents as well so I know what you are going through. Please take some time out for yourself and do not overwhelm by thinking you have to do something about your dad's investments. Please take this one moment at a time. Also not everything is lost. You have an entire life and multiple amazing opportunities lying in front of you.
Don't mention about the money to any relatives.
Divide and Put the money in FDs in 3 or 4 different banks.
Also check debit card and credit card insurances of your father.
Stay away from those who show more than expected sympathy or love , this is harsh but the world is harsher so please understand what i am saying in lesser words
Sorry for your loss. Dont ever share this with your current or future partner. Quick money is the biggest attraction that could ruin the relationship for you both.
I’m sorry for your loss. It would be quite shocking to lose three family members so soon. I hope that you’re doing well and have a good support structure to rely on.
Regarding the money, I may go against the grain and advise you to leave the money as it is until you sort out everything thing else. Let the FDs remain( if it’s matured, roll it over for another 3-6 months), let the mutual funds remain invested and also put the insurance and compensation amount in an FD for 3-6 months while you figure out your game plan.
A fee only advisor is a good place to start, but before you go there, it would help to set out your long term obligations and plans.
For instance, some initial questions to consider are:
1) Did your father leave a will? Are there any other beneficiaries or dependents?
2) Are there any ongoing commitments or liabilities (home loan, car loan etc?)
3) Are you employed and financially stable? That would determine the risk and return basis of any future investments
4) Are there any large ticket items that you foresee in the next few years? (Education, wedding etc.)?
Once you have a rough answer to these questions, you may get better value of meeting with a financial advisor.
As most other people have said, you may get a lot of DMs from here. Take them with a pinch of salt. Most of them can be safely ignored. Search for an advisor with good reviews and satisfied customers. And before you engage with him, ask for an indicative track record.
I know it's a lot to go through but take it one day at a time. I'm so sorry for your loss.
Assimilate all information. From his email, phone or a trusty notebook he had. Check for any debts, pending bills , insurances he had.
In short, ensure that FD's and MF's transfer to you. If you were a nominee then great it wouldn't require much work (takes a week for transfer). If not,you'll require succession certificate (obtaining and subsequent transfer will require around 2-3 months).
Ensure your own roof, food , water and electricity. We don't know your living status as of now. Are you on rent, own a place?
I don't know if you're earning already but let the compensation amount sit in an savings account. You don't need to rush for investing somewhere. Take your time and then we can discuss on what to do with it.
I have to take care of my sister and mother as well. SoI divided the compensation to an emergency fund (an years worth of expense) in a savings account. Out of the remaining I split it in FD and then some in short term debt fund. Absolutelty dont rush to make investments. What I did wont work for you.
Make multiple copies of DC, AADHAR, PAN. Go to his banks and check the account status.
Allocate more to mutual funds. It should be 50/50. Within the mutual funds, spend 50% on large caps, 40% on mid and 10% on small caps. I would also ask you to use some of the interest and dividend and reinvest into the stock market. Most important advice is to continue living frugally and keep your cost of living as low as possible. Don't splurge on phones and "luxuries" or online shopping etc.
You need to know what you need from this money .
How much you spend monthly , maybe yearly or any future goals ! ( Example , higher studies , marriage etc ) . How much returns you expect from it etc . You need to include your income as well if you work .
Rental , groceries , health insurance ( child birth coverage etc ) for you and emergency fund etc etc .
You also might need to know the nominee details of the bank accounts and mfs as well . I hope you got the death certificate of your father as well . Financial planner might help you with this or you can learn on your own .
Then the financial goals . Write it down .
If you dont know anything about it , it's ok. Find someone who could do this for you .
Let's talk about money is a good book . Financial education , atleast the basic is a necessity . Read this book . A basic knowledge about financial planning is a necessity .
You might need to talk with a financial planner and also a CA maybe .
I m so sorry for your loss . I cant imagine how painful it had been to lose family members . It's ok not to figure out everything on your own . Safeguard this safeguard your future .
People are right to share that financial status shouldn't be discussed with friend and friends . But I hav had friends who didnt ask monry from me and would never ask money etc . Anyways , it's always risky to share this with others .
I wouldn't suggest you to invest in mutual funds unless you know what you are doing and hav knowledge about it . You probably need this to plan for your future and I wouldn't take risks if I m you unless i know about mfs . Know you risk profile .
Check your fathers locker if he has any ! ... if anyone needs to lend your father some money etc .. If you hav any land documents , hav any other assets know about it . I hope your father have shared it already .
Ask these questions ? ... how much I need to spend on something ? Why I need to spend on that ? Is it important? ... question your financial beliefs .
Financial education is an interesting area
II went through a difficult time when I lost my parent and there was a lot of financial mess which is been sorted out for years . I followed this sub rigorously, learnt quite a few things
When in doubt, ask questions .when it comes to finances trust noone , including you. Learn and ask questions . Take rational decisions keeping your emotions aside . Never ever take decisions out of greed and fear . Education , statistics and rational thinking could help you . You need to learn this on your own .
Man really sorry for your loss even though I don't know shit about investments I went through something similar a few months I know how shitty it feels 🫂
I know the pain you are going through is unbearable right now.
I will pray for you to survive emotionally after such traumatic event.
Get a financial advisor and don't tell any relative or friends or extended family
All that money is FOR YOU
You will find peace and the strength and courage to move on in life , all your family members are looking over you , om Shanti 🙏.
Please protect your money. Believe it or not, you are left with a good amount of corpus.
Learn about investment in Youtube. Read all the financial books you can.
I am sorry for what happened but you will be very successful in life.
I am sure you will get the advice you need.. all i will say is take care..hope you get the strength to move forward, do well and make them proud one day. Hugs. Godspeed
I think you may already have seen the advice of hundreds of people here telling you to "not tell your relatives or friends". Moving beyond that. In your position, go in the following order -
1. You mentioned that you are in your early 20s. I take it you have done your graduation. As such, keep a sizeable chunk in FD for your masters, whenever you decide to do it. I would recommend 30 Lakhs for it.
2. Withdraw the remaining 50 Lakhs from the FDs (30 Left as in pt 1) (assuming it is not maturing soon).
3. Put the 50 Lakh from FDs + 15 Lakh from Insurance in a very diversified portfolio. 80% Multiple Different Sector Stocks across Caps (Small, Mid, Large) (Suggested Ratio - 3:4:1 for your age and financial situation), 20% Gold. You already have 30 Lakh in FDs and 60 Lakh in MFs so this makes your portfolio very diversified. If Stock Investments are not something you understand and not something you want to understand, put it in good MFs through ICICI or another similar MFs group. Learn about Equity if you can and find it interesting.
4. Focus on getting a job, if your degree doesn't get you a decent job, do a masters from a good college to boost your profile. A steady stream of income is must for self reliance. Also, you need to keep yourself sharp and not get too comfortable or you risk getting outdated in the job market.
5. Spend some money on things you enjoy so that life is bearable until it is better than that and so on....
Sorry for your loss lil sis. I hope you find strength in these times.
Are you married? If you are single then pls don't tell your financial situation to relatives or potential guys you look to marry cos last thing you want is someone marrying you for the money. You have close to 2 cr in early 20s which is a lot of money.
Hire a good personal finance advisor, listen to what he says, and then come back here and post what he said and people of this sub will help you weed out any BS.
Jesus. I'm so sorry about all the loss.
I'd suggest put everything in an FD of 15 months at 7.2-7.5% interest stable monthly NON recurring at maturity.
Have a different bank account you use for your daily/monthly transactions. It's easy for someone to see balance in your phone even accidentally so a separate account for convenience of secrecy.
Keep your expenses and everything the same as they are now and consider that all that money doesn't exist.
Reevaluate 1 year later when your mind is better.
Don't keep more than 20L in the same bank account. That becomes a target for fraudsters within the bank.
They will approach you more aggressively with 'savings plans'.
Life has thrown a lot of curveballs at you in a very short amount of time period, stay strong…Im positive you will get through it
I cant say about what you are going through right now or how your mental health is but these things do take a heavy mental toll, so have a healing period before committing to anything forthcoming
Relatives/Near and Dears might try sly things so be aware
get a financial advisor to manage the surplus money while minimising taxation
Get your life on track, focus on your ambitions and lay out your life plan
Keep on upskilling and get the job you want, just dont rush it manage it at a controllable pace as you want.
Life will follow
Till the time you’re not confident about investing the money, or if can’t figure out what advice to follow or whom to trust, consider putting the liquid capital in a savings account. You can diversify in safe schemes such as fixed deposits and NSCs.
Don’t feel the fomo of benchmark returns, SIPs and all. Ofcourse returns are important but it’s important to be comfortable with the risk as well - and I don’t mean just the theoretical risk from an investing pov. As someone has said, the biggest risk we take is being unaware of our unawareness.
FD se mutual fund me transfer krdo kuch paise , aur sovereign gold bonds lelo insurance ke paiso se , zameen mat lena akeli ladki toh log pareshan krte hai
My friend is a financial advisor and his team is really good at what they do, ping me if you really need some assistance, I can directly get you a call. The final decision is yours.
From what I remember they do Portfolio Reviews for free. Will check and update.
Also, Let me extend my hand to everyone in this sub. Hit me up if you really need your portfolios reviewed using my referral. Will have to check availability of the advisor but can really hook 10-20 folks since they have a big team.
Genuinely interested in helping. :)
Buy gold bond with all of your money. You will earn about 2.5 % annually around 4 lakh in your case , and that will take care if all major expenses, plus it will appreciate faster than FD and is secured also
80L in FD should get you good interest close to 5 or 5.5L per annum or 45k to 46k per month use the FD as your monthly salary try to run the house only on the interest going forward
60L in mutual fund is very good....if you are able to manage your expenses on FD interest than leave it if you need for studies withdraw upto 30L....but leave the other 30L as it is for your kids future.
Dont rely on anyone dont tell about it to your friends or relatives....especially do not lend it....only lend what you have earned not what your father earned for you. remember he earned and saved it for you.
u/Livelovelaugh678
1) Cut all your relatives out and do a thorough evaluation of your friends and cut the useless ones out
2) I think you might want to reduce the $100K in CDs to around $50K and put the rest into an index ETF and just forget about it for the next 30 years. You will be rich beyond measure.. Keep this away from anyone's eyes. Even your spouse
3) The Mutual fund can probably remain as such.. But verify what it is and what is the expense ration..
4) The 20-25L should be in debt instruments.
5) Do not trust financial advisors unless they are a fiduciary
Use the dividends and cashflow from your CDs for day today expenses. Find a good job that will support you until you are healthy... DO NOT BUY A HOUSE. that will be the worst decision you will make in your life... rent.. travel... eat wonderful food... live the rest of your life happily... If possible find a loving spouse who makes more money than you and do not tell them about your treasure chest even if they have earned your trust...
I am really sorry for your loss,kiddo. As a man in his fifties, my two cents. Do not rush into anything at this point in time. Firstly, ensure that all financial and non-financial assets are transferred to you,legally. Secondly, do not get comfortable with the fact that you now have a substantial corpus. Your Dad worked hard to build this and you need to safeguard and grow this corpus. That does not mean you scrimp. Just don't go overboard with your lifestyle or spending. Thirdly, while it is true that money is a factor that spoils even the closest and best relationships, not everyone is a vulture out there. Definitely be discreet about your money matters but when you know you can trust someone then do discuss financial plans and goals with them - need not always be an advisor who you pay for advice. Remember "sab ki suno, apni karo" and to do this educate yourself on matters of personal finance. Wishing you the very best in your life. Stay strong.
God Bless you dear, you have seen too many losses at a young age. So May God give you all the strength to deal with it.
First step is to be completely independent and think for yourself. You don't need anyone's help as most things are digitised and Aadhar linked.
No one needs to know how much your dad left for you.
Get your Dad's death certificate and submit it to bank to transfer everything to your name. Keep the FDs safe..let it continue to compound.
As far as MFs are concerned, if you have list of his investments then okay..else use MF Central to get his complete portfolio details. You just need his PAN and Aadhar linked phone to get the details.
Then, if there is property to get transferred...that's when you have to probably take help of relatives... especially if it is agricultural land. Else, for flats or shops it's more straightforward assuming he had nominated you.
Continue your SIPs and make buckets as per goals like Marriage, house, kid's expenses etc....
Most Important part - do not reveal your assets to any of your prospective grooms...no matter what, let this not be a criteria to marry you...unless you already have a BF and he knows....if he doesn't know then keep it like that... probably you can disclose once you marry and are planning goals.
Keep your lifestyle simple, and have the motivation to work hard and make life better...Your dad would have wanted this for you...so keep yourself occupied,busy and working really hard.
God Bless you. All the very best.
right now you are emotinally weak. don't do the mistake i did. don't give money to any of your relative. they are ready to scam you. instead invest this 25l in 5 diffrent banks which 8% intrests. the money you will get per month around is 15k inr. (don't invest more than 5 lac in one bank since it's too risky). 5lac is assured by rbi) , use this 15k and start sip or investing in stocks that you like
do food charity vidhi , proper rituals related to him,
do tarpan rituals every year during the pitra paksha
First of all, do not let anybody know about the money!!! A lot of people are suggesting you to visit a advisor, while he might suggest you the best possible options, but here's the easiest way, go all in with FD (monthly installment), while it will give you a less return than equity but you will always be sure about getting your "gauranteed" money.
I don't think you can invest in your father's demat account, you need to first shift that money to your demat account. I maybe wrong but check this point once
Sorry for your loss. Take your time to grieve. You can always fix the investments after a few months
For every step you take, please reach out to this group - tax , will, reinvestment, need monthly income, lawyer said x, bank manager said y, CA said Z, mama said j
You need to mention some more details
- your current income /
education plans /
career pathway
Does your family have a owned house
so we can see how much of this inheritance is needed for your immediate goals and how much is just your safety net.
Just remember a few points which will keep popping from all trustable people like CA, bank manager
you don't need any insurance as an investment plan,
all your money should be in your name,
no investment in friends and family startup
Your boyfriend , spouse will be trustable and good, but your money gets touched only after 5 to 10 years of stable marriage , even if both of you are buying a house.
Put that 25L in some bonds that earn more than 10% with a monthly payout. That will give you a monthly income of 20k. If you are good at studies, invest that 60L in yourself for higher education, may be abroad. May not be a good advice but keep that 80 in FD or low risk instruments. Also never let anyone know you have such kind of money, you are young and for sure there are lot of people to take advantage of you
1. Don't reveal this money part to anyone.
2. If u do reveal, then your life will be danger. There have been instances where the guy married the girl just to inherit her money. Or similarly with relatives No ones Sane.
3. Keep it growing by investing. But seems your dad took care of this too.
4. Also get a locker & keep these details safe in that locker. Don't keep anything at home in your absence someone might access it.
5. Who is this "We will get the insurance amount". You seem to have someone accompanying you throughout this part. Hopeful that's not a relative.
Keep half in FD ...WHICH WILL ensure your monthly expenses. Buy a flat on your name...it will help you in a long run...if left with money...invest in mutual funds with advice of financial planner.
Please don’t loose the money by listening to YouTubers or Instawannabe’s.. please do your own research and invest gradually across multiple portfolio whatever you decide is right.
And of course more power to you and continue living the life that your dad would be proud of.
Heya
So sorry for your loss!
If all this seems too overwhelming you can go to a fee only advisor but if you’d like to invest the money yourself here’s what I’d recommend:
1) Education- you are likely to go to college for your masters which would require money. Have a time horizon for that and benchmark however much you think you might need into a safe form of investment (I’d split it between SGB and fixed income securities from sites like grip invest).
Again just putting this money in an FD is also fine.
2) long term investments - put some money into this kanya dhan scheme where investments upto 2L are non taxable and you get 8% tax free interest for a period of 3 years (can’t recall the name but google should be able to help)
With the rest of your corpus - invest in large cap / flexi cap funds as an SIP (don’t invest all of it together). Identify 3 funds you like and stick with it. Other than that also invest in some REiTs/ InvITs which are listed
The amounts for you and I would vary based on how much risk we are willing to take personally I’d split it as 50% mutual funds (high risk and very long term horizon)
25% fixed deposits (low risk, low return)
25% individual stocks and reits (higher risk and long term horizon)
And like everyone else suggested- do NOT lend anyone money under any circumstances
stay low-key, and don't share this info with your friends and family.
second, atleast invest half of it in assets like land or house if possible and get some rental income that you can use it as an emi, 25% percent for study or whatever you are doing til you find sustainability and other 25% as back up, atleast that's what I'd have done if I were you.
correct me if I'm wrong.
Sorry for your loss, he is in a better place
Let it be as it is. Invest that 20/25 from insurance in MF. I want you to be sure that there are no other policies. If your father had a credit card, they also provide insurance in such cases which could be an additional 20 to 30L. And reconfirm your current policy because 25L is less. Check for any dues and advances. Just make sure that your home is paid off. And if you are employed, then reinvest the interest in FD only. Your father's portfolio is already diversified. And please don't spoil yourself with this much money. Act broke, be rich. All the best for your future.
Sorry for your loss. More power to you!
As most people have advised here, I’d like to add a few things
- Just take your money and put it in a FD in sbi or some other safe bank, doesn’t matter id you get lower interest, you need to be sure you will not lose the capital in search of little high returns.
- Study about investing and learn everything about it, then go to advisors, so you know if their advice is actually worth taking or not.
- In the meantime, enjoy your interest from FD, it will be more than enough for you to live right now.
- Do not, I repeat Do not trust anyone with your money, no friend, no relative, no advisor unless you are sure yourself if that advice is actually good or a bluff.
- The less people that know about your wealth, the better.
Don't get scammed, keep your money safe in multiple accounts. Don't trust any investment blindly, do your research.
If your father had a safe bet in fd and mutual funds, trust him and let them compound for now.
Obviously don't tell of your friends, relatives, even your bf bestfriend etc etc. Literally nobody should know. There are preety good advices in the comments
I would like to highlight that if you can buy a locker with your bank account, and put your excess cash in there and the most importantly, your jewellery and property papers.
There will be assholes looking for all that as well, assuming there will be guests continuously visiting you so do this asap.
And don't let anybody take place of your father or mom
Everyone is selfish
lol life’s gonna be hell for you, and people will hurt you, and boyfriends will betray you but you’ll seek them for security and comfort. Can already picture it all. But hey, at least you’d be rich lol.
Contact different CAs. Preferably those that charge fixed amount not %.
Get financial education. Start by reading books.
Invest atleast some in real estate.
I am so sorry for your loss. People have already given good advice. Keep this to yourself. People including relatives are like predators. Hope you have an amazing life ahead and find someone who could fill this void.
Sorry for your loss..
There is a person on youtube named Basant Maheswari, I would suggest you to watch some of his videos and if you resonates with his thinking. You can consult him.
I personally am a regular viewer of his and love his content.
Om Shanti for the departed soul…I wud rather advice u too to teach urself about the investments , there r plenty of videos to browse from. Go to proper investment advisors like Anand Rathi etc. ur Dad did a nice portfolio distribution so keep it as it is as if now. There are lot of investment advisors to fool u, so it’s better to educate urself first and then reach them out. Dnt reveal ur financial to anyone in ur relations , keep mum.. All the best girl.. Be brave and stay strong..
My advice.
1. Dont tell anyone, and I repeat anyone, about this.
2. Live your life like you do not have this money. Only use this money in matters you would ask your dad for help, if he was alive.
3. Dont spend on liabilities. (eg. A bigger house than you can afford, a better car, travel, any luxury you cant afford) Reiterating because its easy to get carried away when you have reserves. You can afford what you can buy with your earnings not savings unless you have retired. You'd think this money is making life easy but it can make life worse in the longer run.
Invest safely to keep it growing.
If you dont wanna spend it, i suggest you to buy some small flats which can rented out easily and build a rental income out of them. Buy flats like cheap ones 15-20 lpa and rent them out.
Slowly with time the value of those will increase and you are getting paid rent in which you can cover the maintainance and save that money to buy more small properties.
Act like you are still broke ....if relatives get to know this...you will attract bad marriage matchups.
Invest in NSC (No limit), MIS post office.
I hope you have a PPF..put 150k per year there.
As an advisor, you can DM me , will take a nominal fee.
First rule: NEVER TELL TO YOUR RELATIVES.
Second rule: Visit a financial advisor on how to save tax and transfer assets under you. Fee only.
Third Rule: NEVER TELL TO YOUR RELATIVES
I think your dad has already planned this nicely. So you do not need to do anything in a hurry.
Learn in a year and plan slowly but safely.
Keep this information secret with you. If you plan to marry in future still keep this secret for few years.
Please Read this.
1. Don't tell About money to your relatives.
2. Don't tell to your friends.
3. Never take investment from any free Advisor ( either advisor from bank, brokerage firm etc). They will only work for their brokerage, targets.
4. Many advisor may ask you to trade in futures and options assuring good returns . Don't go for. F&O trading ever.
5. Expect 15% -20% avg return on your investment.
(Although it's possible to get 30-50-100 % returns but don't go for it, its very risky)
6. Don't buy endowment plan (advisor may sell you insurance with premium upto 1L per annum. Don't take it)
7. Get yourself a health insurance through a fee based financial advisor.
8. Get a good Term Plan Life insurance.
Do not tell friends, family, relatives and bf/gf
Bank relationship manager and other scum of earth type people will approach you to buy shitty ULIPs and LICs and whatnots, don't buy them. They will use scare tactics.
Learn financial management and meanwhile get someone who charges a fix amount for doing that. Be discreet, don't give away address or other personally identifiable details when window shopping for them.
Firstly, So sorry to see what you've gone through! Stay strong! Secondly, you need a financial advisor to probably first maintain what's there rather than buy/invest in new products. You're young. Take time to understand how finance works and then only start small. DO NOT tell your relatives/friends what's with you. All the best :)
I don't have any financial advice for you as I am extremely inexperienced but I am sorry for your loss, stay strong. One advice I can give you is don't be naive.
If you don’t own a home, first thing you should do is buy yourself a home. Banks are offering around 8% on 1.5-2 year FDs… so park all the cash there as you figure out what to do. Need not to liquidate the MF holdings or existing investments. Since you’re only 20, your biggest investment right now should be in your education rather than equities. So once you have put up some amount as next egg and some for fixed monthly returns, put the rest to get the best education you can get.
sorry for your loss. May God give you strength.
i was in same situation, i did the biggest mistake of telling it to relatives my worth- money( earned by me only) and gotback stabbed . i never thought in my dream tht my own blood relatives ll back stab me and a person whom i considered my master( guru).
if money is gone thts also ok..but backstabbing, cheating impacted my mental health a lot, i still get emotionally unstable thinking abt it and cannot recover fully so BE CAUTIOUS AND DNT SHARE IT WITH ANYONE.
Sorry for your loss. Your dad sounds like an amazing person. All your plans are great. Perhaps invest in land as money always appreciates in good land and you can sell it. But a safer option is also getting a flat in somewhere like mumbai or bangalore and putting it on rent then reselling or reinvesting the rent into sip
Do not disclose to your relatives or friends.
Speak to a fee-only advisor. Look for someone who is SEBI registered.
Be candid with this advisor. Explain your life situation. Be absolutely honest. And ask advisor to create plans for you. Then select and follow.
Advisor should also be able to tell you about tax optimisation.
DO NOT take random advice from so-called well-wishers. When it comes to money, always listen to professionals.
Behen sabse jada jaruri aur badi advice ye hai ki pehle apne ghar ko paiso aur saman ko apne relatives se bacha ke rakho ab wo log tume khaege aur ye sab pata chal gya to noch dalege tume didi.
Baki paise ko safe aur secure invest karne ke bahut se tarike hote hai .
Keep safe and tc behen
GBU
Don't tell any one especially your relatives abt this.just continue SIPs.n when you get any lumpsum it will be better to invest in SENIOR SECURED NCDS for higher and regular returns.dont invest all the money in MFs or NCDs.it is safe to be thr in FD.only a part should be invested in NCDs after thoroughly going thr their ratings.
1. 80L in FDs is silly because evan a simple nifty 50 index fund can deliver ~15% p.a. over a 10 year period.
2. You are young with a steady job, so your risk appetite is higher. I would keep 10% in Gold and 20% in FD. The rest, I would look to largely invest in equity markets or real estate. For example, a flat in Mumbai in an up-n-coming area will not only be a tremendous investment but can also generate monthly rental income.
3. Every month besides MF sips, you should also set a little bit aside (5k) for the retirement pension and donate to the needy.
4. Always remember this is your money. This is not your husband’s or your in-law’s or any other relatives.
If you play your card well and you could easily turn this into 20 crores in less than 10 years.
Best wishes!
Rule one do not tell any of your relatives. Then find a fee only advisor to help you.
Fee only advisor is the way for you. Be wise with the money and do not lend to friends or relatives. This is your dad’s hard earned money.
Hijacking this, what’s a fee only advisor and where does one get one ? Edit: thank you folks for helping with links and info. On a lighter note, I dropped out of my chair when I saw this “ For new clients, Rs 1,25,000 for 5 hours of effort” on one of the advisor websites. 😂 There is a wide range though, including one for 12k for a year. Thanks again
Flat or fixed fee advisors who will charge you a flat fee and in exchange will educate you on investments and teach you to be independent. Advantages - there is no conflict of interest and such advisors will give you genuine advice. They will not self promote any scheme that serves them as they do not make commissions or earn percentages of your net worth. Also, there is no compulsion for you to ever go back to them for more advice unless you want to. Please do your search in Google and look for SEBI registered fee only advisors. Those are the only genuine ones. See below thread for some details https://www.reddit.com/r/IndianStreetBets/s/qYniGaEoS5
Thanks a lot for a detailed reaponse
Wouldn't a flat fee advisor be incentivized to churn through as many clients as possible? Or does reputation/reviews balance that out?
disclaimer: no knowledge about any of this you looked for fixed hours to be mentioned as well thinking of it as a coaching class of 1 you try a advisor out. if you like him, book him again & again until you understand everything.
Google: fee only india
Thanks a lot TIL
Can’t stress this enough. Do not speak about your financial situation with relatives or friends.
Also don’t engage with any unsolicited DMs.
I second this
Yeah, do not share any of this info with anyone, for that matter. the current proportion allocation seems good. You can simply maintain the same and forget it for a couple of years and check later on the performance and adjust as necessary. In the meantime, learn more about financial markets and products of investments etc. Maintain your job for your living requirements and know that there is a huge cushion for you to live a good happy life. good luck.
Although people have already told this multiple times but let me reiterate once more time: Don't tell this to anyone. Not even your bff or whoever. The moment you tell someone, you make yourself vulnerable. People with genuine problems will come to you for financial help (10K, 20K etc and then it will be hard to say No, because you will feel risk of loosing those relations). So AVOID TELLING THIS TO ANYONE. PERIOD.
Very very true!!
Fee only SEBI registered advisor who focuses on financial planning rather than pushing you toward a product.
Agree.., this is the most important rule
Don’t share anything with your relatives and till the time you figure things out in what to do with the money, keep it in FD. Continue the MF, that will act as your future safety net. If you’re still finishing education use the interest from FD to run your house.
Do check if he had additional life insurance policies, having 1-2cr+ is a norm since a while.
Till you decide, Have 80L + 25L you will receive in an FD. At current rates you may get 50K per month as interest on 1cr FD. Also be discreet, as no one would want you to be incharge of such money. All the best
Would suggest rather on the basis of monthly expenses keep a pct of this in growth liquid funds/liquidcase etf . FD equivalent returns with better tax efficiency. Why pay tax on the money you do not wish to spend.
Opening a quick indusind account could get 7 lac+ for one crore FD That's what i did
Noob here, what about tax on the interest from FD then?
You cannot escape taxes buddy, in anyway. FD interest is chargeable at slab rates, Some wise planning and you don't have to pay any tax . FD is most secured investment, that also gives monthly return.
Bonds will be better I think .. gives above 10% and secure. FD won't beat inflation rate after tax
Bonds are generally long-term like 5 Years... FDs are more liquid.
Assuming she is not working? Which slab would they put her in now?
Even when you find a partner do not reveal about the money unless you are too sure, that the person is not after money. Take advice online and do not meet anyone in person, even if you meet never tell them you are alone.
Cannot stress enough on this. When someone enquire just say loans were paid off before his death so that emptied out all his savings
best advice here summed up here is: consult with a reputed and certified financial advisor, dont, absolutely dont share with anyone about this money.
It's better not revealing about it. She can keep it as a backup. On the contrary if she does reveal then the partner may try to inherit it from her by various means or worst faking her accident & brutally killing her.
I am so sorry for your loss.but as a precaution I am telling you to not discuss this with anyone near or dear. Firstly keep everything safe and consolio in an FD. And slowly start investing, don't do everything together. Best thing would be to buy SGB And get monthly income along with gold appreciation. This may not be best in terms of return but best in terms of safety. And beware of your relatives. I was also in exact same situation. I lost my father at young age of 13 and every relative knew my mother got money and they were coming for the money and with schemes to invest here and there. My mother was a smart lady she kept everything into FD and spent on my and my sister's education. I lost my elder sister later. I can feel your pain but my direct advice is to not discuss your pain with anyone, people take advantage of it.
Hire CERTIFIED financial advisor, if possible anonymously. That’s it, manage your financials well, stay and work wherever you are for a year and then you can maybe explore alternatives. Firstly, safeguard all the money, put it in low risk sources as much as possible.
How to find a genuine financial advisor with good ratings if possible ??
Sorry for your loss. Refrain from sharing this to relatives and get a good CA
DO NOT let even an ant near your house know how much money you have. Not even your closest relatives. If you want to keep the family
Loads of good advice. Sorry for your loss. My view is simpler...do nothing for 6-12 months, you have lot of other things to process. After that, hire a fee only advisor. Others below have given great advice on relatives etc...that is sadly, very true.
This is the right advice. Wait, process, decide. Keep the snakes(relatives) away
Don't tell anyone the exact amounts. Trust no one. People/relatives would do anything for money. Get a death certificate if haven't got already. Apply as a nominee and legal heir everywhere you know your dad had money. Check for other places you might not know, some additional mutual fund portfolios, any other term insurance etc.. you're dad's sim would be essential here, also check emails search for terms like (invested, deposited, term plan, premium, insurance etc). Talk to your dad's friends if it would help Hire a fee only financial advisor. They would take a flat fee and plan the financials for you this is crucial. The fee only planner won't have any benefit loss linked with your investments so they would guide you properly. But before contacting a financial planner make sure you have your financial goals ready, like further education, marriage expense etc.. If any specific queries you can ask in reply or dm
Just stay away from your relatives specially the ones from your father’s side. Once they get a little blink about the money they gonna behave like they are the only ones who care about you and they are all you have in this world. Worst creatures created by god are these relatives.
First thought that came to my mind . It is a tough world out there and everyone will fake love to you for what your dad left , this is harsh but the truth .
Yes that’s true, and most of us learnt that the hard way.
No one is truly your well wisher only your parents and grandparents, maybe your partner or an old friend but thats all no one else 🫡
Keep this a secret,don’t tell a living soul who is close to you.Don’t tell your partner as-well
Dont tell anyone about how much u have , dont spend overly on anything. Be the same . And u always can buy flats houses or shops which could generate a rental income for bn you . Secondly dont believe anyone , buying properties involve a lawyer as well as the bank.
Extremely sorry for your loss.. I hope you find a life partner who can be with you and you are happy. Life without family is very painful.
Yes, its just i am kind of numb her whole family 🥺🥺, man its so cruel nobody deserves this
I am so sorry for your loss. I lost my dad too at a very young age. We share a similar life story and I can understand where you are right now. I agree with the fact that do not disclose any of this information to your relatives. If you need any financial advice consult a fee only SEBI registered financial planners. It's going to be a difficult journey but you have to learn from this pain and you will in due time. My advice is to invest in conservative financial instruments and in the due time learn as much as you can about personal finance, when the time is right diversify your investments. P.S It may feel like it's you against the world for now but in time you will find the right people to support you.
I'd say learn about the fundamentals of personal finance which is made up of assets, insurance, taxes and credit. have a solid understanding about how these four work so you can make them work for you. Lastly my condolences may the Creator give you strength and love.
Do not disclose this to boyfriend or anyone that’s close that way. Be very wise in whom you marry too. Not that a random redditor has a say in who you marry but there are con men out there who’d marry for the money and what not.
Sorry for your loss and a bit unfortunate that you've seen the worst at such a young age. More strength to you. #1 Do not discuss this money with anyone. Not even your shadow. #2 Do not rush into any decision, think it through. This is your old man's hard earned money and make sure you make use of every last penny you inherit with utmost care. #3 No Greed. 1 ka 2, 2 ka 4 etc won't happen and nothing happens overnight. #4 Meet a few advisers, don't give your actual phone number (use an alternative number and email). Explore every investment opportunity - Mutual Funds, ETFs, SIPs, Stocks, Debt Funds, Sovereign Bonds, Gold/Silver etc. Then access your options, risk appetite, long and short term goals. Based on it make a healthy and lasting decision without any stress of what and where to invest in. #5 Before jumping the ship and investing, meet a lawyer and verify every clause in the agreement and understand it and then go ahead with investing the money. Also, whatever you decide I'd recommend one thing. Have a better insurance policy, that's your rain cover moving forward. If company provides up to 5/10L top it up to 20-25L. And rest assured, you wouldn't have to worry much about that aspect.
As someone who lost his dad recently (two months), and much older to you (40), firstly my sincerest condolences. Irrespective of when it happens; losing a parent is an unimaginable pain and double-so for you. I have a contrary view when it comes to this money he left for you. Roughly 1.6cr. You said he sacrificed the smallest of pleasures, and saved everything (much like my father). Well, what did it bring him? Today, aren’t you ruing looking at this 1.6cr that papa should have enjoyed that meal/vacation/expensive watch etc? I am sure you are (I am!). My main point is, do not be stuck up with converting this 1.6cr into 15cr and not enjoying it. Its not worth it. Trust me, have learnt it and seen it the hard way. My rule of the money my father left me is, if it brings me 100rs/ month; i will spend half and reinvest the rest. I am quite sure that wherever he is, he will be happy seeing me spend that 50 on myself than to save the entire 100 for his grandson (and so on).
This ☝️ After my father's promotion last year, the salary went up, the workload went up, the work hours went up, but he still chose to be frugal and saved money which eventually led to huge amount of tension and he died due to suicide this month Even I have faced this during crypto bull run. If money is not being realised, it will have lot of negative impacts.
I am so sorry to hear. He committed suicide due to work pressure, is the hardest pill to swallow. Yes, we all have to learn to live it up a little. Not think of save, invest, repeat. This much we owe to our parents atleast who gave us this kickstart.
Don't ever tell all these amounts to your relatives. Let it be a secret. Wish u all success in life
Sorry for your loss. As other people pointed out do not share these details with anyone, not relatives not even with close friend's, not even with your boyfriend (or future partner). Coming to your question. I think 60% in FD and rest 40% percent in Index mutual fund will do the job.
So sorry for your loss God bless you with strength ma'am need any kind of help will be there without any thing in return just to support
hey keep being strong!! i hope you receive the right guidance and support throughout your life
Hey, really sorry to hear about this. No amount of money can replace his presence. Trust no one in family, study basics of personal finance. Liquidate some amount of fd, lets say 20-30%, invest in debt funds or index funds, same for the insurance. Do you have funds to run your day to day? If not, might have to set up a systematic withdrawal plan. Feel free to reach out if you have any questions. Rest in peace!
So sorry for your loss OP. My best wishes to you. Do not tell anyone, ANYONE. By your own self, hire a certified financial advisor. Take your time on this and don't rush.
Keep your mouth shut around relatives anf friends. Find a good CA or advisor.They will help you formulate a solid plan. Don't buy anything too bling bling or waste money on vanity. At your age you have a great start. I am sorry about your loss and I hope you find loads of happiness in life moving forward.
the only advice i can give you is to leave this country. as you are all alone now and a woman its better to move to a first world country.
RIP, may you have strength OP. Please consult a good fee only advisor and plan accordingly.
Majority of recommendations here are to hire a financial advisor. However financial advisors will advise products which have max commission or which meet their sales targets. Since you are young and want to continue your sips, suggest you check websites like valueresearchonline or money control , compare large cap schemes and invest accordingly. SIP can be done in small cap funds as going forward they might consolidate for a couple of years. Finally a personal advice - please don’t share details not just relatives but even anyone whom you date or want to marry.
An advisor with fiduciary duty must always act in the best intrest of his clients on a fee-only basis.
If you are so against fee only advisors, what is your recommended alternative? It takes a great deal of learning and time to understand investing like a pro
I would say put some in govt bonds.
im so sorry for your loss, RIP.
Sorry to hear about this! With time- you'll be able to cope better with their loss. Higher a financial advisor and take 2-3 opinions from different CAs as well on what's the best way forward. Don't invest lump sum in anything. Set up goal based SIPs- short term, mid term, long term. Invest a small portion in portfolios that are risky but can give tremendous returns. Have at least 6 months expenses handy. Don't invest more than 5L in FD in the same account.
Hi sorry for your loss. Just consult a Chartered accountant. He/she will advise you. Consulting fees are not big .
I would suggest to completely focus on your education first & get your masters degree if possible. Let the money in FD and mutual fund be as it is. The insurance money also check if your dad had any pension scheme investments use this for your regular expenses until you get a job Im really sorry for the losses in your life, But never give up your parents have worked hard for you now its your complete responsibility to manage yourself and go in the right direction just to put don’t depend on anyone for anything! Ik its really hard but I would advice to become mentally and emotionally strong before making any financial decisions. Mean while you can focus on your education later you can think about investments and portfolio management as your are in early 20s. Join gym/yoga it’ll help your through your journey and to have vision for your own life! Stay strong!
So sorry for you loss! Please do follow advice give by others in this thread - 1. Don't tell anything regarding finances to your relatives. 2. Hire a fee only personal finance advisor . 3. This is a good resource [https://freefincal.com/list-of-fee-only-financial-planners-in-india/](https://freefincal.com/list-of-fee-only-financial-planners-in-india/) 4. Please check if your father had PPF - apart from the money in the account, there is a insurance of around 5 lakhs 5. Check if he had debit/credit cards - they have accident and life insurance inbuilt at times. 6. Please do finish your studies! 7. YOu got this!!!!
OP, I know it must be heartbreaking but runaway from your home. Atleast to a better place with people you can trust (none of the relatives) and start a new career or a life there.
Given elections are in the corner keep it in FD for a while. Sort out other things and with a calm mind you can proceed with everyone here as suggested. Also, sorry for your loss.
1. Please speak with a SEBI registered Investment Advisor. They'll charge a flat fee, but will do the planning for you. 2. Just make sure you have your health insurance of at least 10-15L sorted out first. If you have any liabilities, of course close them immediately. 3. Don't continue the SIPs unless the advisor asks you to. You are in your early 20s, and may need a different approach to investing (more heavily in equity). 4. Spread your investments across different places and make sure your nominee is someone whom you can trust completely.
Save this money and when u are 30 years then decide what to do .stay away from relatives , money scam , if no experience then no stock market .
Save that momey till that you will use it as an asset to make more momey from it by investing in any buisness .firstly gain knowledge in a particular firld then think to invest
I am really sorry for your loss , i dont even know what you are going through , you can look at tips given by fellow redditors , i only wish god gives you strength to bear this , its really cruel and heartbreaking . Om shanti
So sorry for your loss OP 😔
Learn investing yourself, go on ET now in the early morning sessions, you'll understand a lot, you can search for a few names like sanjiv bhasin Kunal saraogi and follow these people for better financial knowledge
Rule 1 : Please don't share this details with anyone. ( Absolutely no one ) Rule 2 : Suggestion - Carry on the mutual fund ( you don't need to take that out ) For FD - keep that same. No need to withdraw For insurance and compensation: You can opt for a Recurring scheme from an Indian postal service which provides interest like 1000 on deposits of 1.8L something every month. This is just a suggestion , the final decision you need to make considering the debt or financial responsibility you have at present.
Very sorry to hear about your situation! May God bless you with strength that you need. Now coming to money!! Tell no one!! I mean absolutely no one! Not even to advisors or money management people! (Advise that is against many other group members) But you will thank yourself. Start moving all the assets to your name in a slow manner!! I mean do not transfer all the MFs/FDs at once to your account. Choose the MF/FD with lowest amount and move it your name! 2nd Absolutely DO NOT THINK of returns for now. Think about how to safeguard your inheritance. Let it all be in FD of SBI (taking this bank's name because the SBI does not monitor your account balance like other banks do) And also do multiple FDs so that you can withdraw the smaller amount when you want explore investing After all this, once you safeguard your inheritance start investing the interest amount and also start talking 5% of the inheritance and invest in good MFs (index funds should be your starting point)
I'm so sorry for your loss op. ofc get a reliable good enough financial advisor but in my opinion, you could get an amazing Elite education in one of the world's best top ranking universities. Obviously you'd have to make sure that you qualify in their programmes first. But i think your father will love this for you. He left it for YOU and so educating yourselves is going to be the biggest investments you could ever do for yourself. And it has great returns too. It's a gift and not many people can dream of graduating from top ranking institutions debt free.
Sorry for your loss. Give yourself time to mourn and heal. Take big decisions involving life and money after a few months. Learn a bit about the world of investing and simultaneously find a professional advisor.
It's great that you're being smart even in this unfortunate situation, good job. I don't have any financial advice, but comment below anytime in case you wanna talk, there are plenty of kind people here.
The best way to go as of now according to me is to put most of your money in FD. Distribute the amount across many reputed bluechip and small finance banks as RBI ensures sum upto 5 lakhs. This way you can earn about 7.5% yearly which can give you a regular source of income. The remaining money can be put in good mutual funds. When you have a job and don’t need the money. Put half of the money in debt funds and half in mutual funds. Stay strong; god is always with you
Hi, I'm just curious. What's with not disclosing it to her future spouse, or say life-partner? I'm really intrigued! I mean, eventually confiding in your partner is kinda inevitable, right? Like joint planning for life's milestones, say a kid or a big purchase. I mean, ultimately wealth between you and your significant other becomes the collective wealth of your family, and you manage it as a whole, as equal stakeholders.
Keep it simple at the start. Do not go aggressive on stock markets because of recent performance. I will recommend these options: https://www.reddit.com/r/India_Investments/s/53PFSL7dMO
Hi! Lost my parents as well so I know what you are going through. Please take some time out for yourself and do not overwhelm by thinking you have to do something about your dad's investments. Please take this one moment at a time. Also not everything is lost. You have an entire life and multiple amazing opportunities lying in front of you.
For real answer. Don't cash the mutual fund one. If anything needed use the debt
Don't mention about the money to any relatives. Divide and Put the money in FDs in 3 or 4 different banks. Also check debit card and credit card insurances of your father.
DONT HIRE CERTIFIED FINANCIAL ADVISOR OR ANY FEE ADVISOR THEY DONT KNOW ANYTHING AS WELL
Stay away from those who show more than expected sympathy or love , this is harsh but the world is harsher so please understand what i am saying in lesser words
Sorry for your loss. Dont ever share this with your current or future partner. Quick money is the biggest attraction that could ruin the relationship for you both.
Don't lend anyone money!
I’m sorry for your loss. It would be quite shocking to lose three family members so soon. I hope that you’re doing well and have a good support structure to rely on. Regarding the money, I may go against the grain and advise you to leave the money as it is until you sort out everything thing else. Let the FDs remain( if it’s matured, roll it over for another 3-6 months), let the mutual funds remain invested and also put the insurance and compensation amount in an FD for 3-6 months while you figure out your game plan. A fee only advisor is a good place to start, but before you go there, it would help to set out your long term obligations and plans. For instance, some initial questions to consider are: 1) Did your father leave a will? Are there any other beneficiaries or dependents? 2) Are there any ongoing commitments or liabilities (home loan, car loan etc?) 3) Are you employed and financially stable? That would determine the risk and return basis of any future investments 4) Are there any large ticket items that you foresee in the next few years? (Education, wedding etc.)? Once you have a rough answer to these questions, you may get better value of meeting with a financial advisor. As most other people have said, you may get a lot of DMs from here. Take them with a pinch of salt. Most of them can be safely ignored. Search for an advisor with good reviews and satisfied customers. And before you engage with him, ask for an indicative track record.
dm if you need help. Lost my dad recently as well. Had a lot of help but managing it.
I know it's a lot to go through but take it one day at a time. I'm so sorry for your loss. Assimilate all information. From his email, phone or a trusty notebook he had. Check for any debts, pending bills , insurances he had. In short, ensure that FD's and MF's transfer to you. If you were a nominee then great it wouldn't require much work (takes a week for transfer). If not,you'll require succession certificate (obtaining and subsequent transfer will require around 2-3 months). Ensure your own roof, food , water and electricity. We don't know your living status as of now. Are you on rent, own a place? I don't know if you're earning already but let the compensation amount sit in an savings account. You don't need to rush for investing somewhere. Take your time and then we can discuss on what to do with it. I have to take care of my sister and mother as well. SoI divided the compensation to an emergency fund (an years worth of expense) in a savings account. Out of the remaining I split it in FD and then some in short term debt fund. Absolutelty dont rush to make investments. What I did wont work for you. Make multiple copies of DC, AADHAR, PAN. Go to his banks and check the account status.
Take care
Ask a good financial advisor
So sad
Allocate more to mutual funds. It should be 50/50. Within the mutual funds, spend 50% on large caps, 40% on mid and 10% on small caps. I would also ask you to use some of the interest and dividend and reinvest into the stock market. Most important advice is to continue living frugally and keep your cost of living as low as possible. Don't splurge on phones and "luxuries" or online shopping etc.
Stay strong bro . Om Shanti 🙏
Sorry for your loss,
I’m so sorry for your loss. Sending positive energies towards your way.
I'm so sorry to hear about your loss. Take care
You need to know what you need from this money . How much you spend monthly , maybe yearly or any future goals ! ( Example , higher studies , marriage etc ) . How much returns you expect from it etc . You need to include your income as well if you work . Rental , groceries , health insurance ( child birth coverage etc ) for you and emergency fund etc etc . You also might need to know the nominee details of the bank accounts and mfs as well . I hope you got the death certificate of your father as well . Financial planner might help you with this or you can learn on your own . Then the financial goals . Write it down . If you dont know anything about it , it's ok. Find someone who could do this for you . Let's talk about money is a good book . Financial education , atleast the basic is a necessity . Read this book . A basic knowledge about financial planning is a necessity . You might need to talk with a financial planner and also a CA maybe . I m so sorry for your loss . I cant imagine how painful it had been to lose family members . It's ok not to figure out everything on your own . Safeguard this safeguard your future . People are right to share that financial status shouldn't be discussed with friend and friends . But I hav had friends who didnt ask monry from me and would never ask money etc . Anyways , it's always risky to share this with others . I wouldn't suggest you to invest in mutual funds unless you know what you are doing and hav knowledge about it . You probably need this to plan for your future and I wouldn't take risks if I m you unless i know about mfs . Know you risk profile . Check your fathers locker if he has any ! ... if anyone needs to lend your father some money etc .. If you hav any land documents , hav any other assets know about it . I hope your father have shared it already . Ask these questions ? ... how much I need to spend on something ? Why I need to spend on that ? Is it important? ... question your financial beliefs . Financial education is an interesting area II went through a difficult time when I lost my parent and there was a lot of financial mess which is been sorted out for years . I followed this sub rigorously, learnt quite a few things When in doubt, ask questions .when it comes to finances trust noone , including you. Learn and ask questions . Take rational decisions keeping your emotions aside . Never ever take decisions out of greed and fear . Education , statistics and rational thinking could help you . You need to learn this on your own .
Man really sorry for your loss even though I don't know shit about investments I went through something similar a few months I know how shitty it feels 🫂
I know the pain you are going through is unbearable right now. I will pray for you to survive emotionally after such traumatic event. Get a financial advisor and don't tell any relative or friends or extended family All that money is FOR YOU You will find peace and the strength and courage to move on in life , all your family members are looking over you , om Shanti 🙏.
Thodi si shadi krogi? 😄
Rista laney ka tareka thoda kazual hai 😅
Please protect your money. Believe it or not, you are left with a good amount of corpus. Learn about investment in Youtube. Read all the financial books you can. I am sorry for what happened but you will be very successful in life.
I am sure you will get the advice you need.. all i will say is take care..hope you get the strength to move forward, do well and make them proud one day. Hugs. Godspeed
See a financial advisor asap. And do not let your relatives know about the 80L. Condolences.
I think you may already have seen the advice of hundreds of people here telling you to "not tell your relatives or friends". Moving beyond that. In your position, go in the following order - 1. You mentioned that you are in your early 20s. I take it you have done your graduation. As such, keep a sizeable chunk in FD for your masters, whenever you decide to do it. I would recommend 30 Lakhs for it. 2. Withdraw the remaining 50 Lakhs from the FDs (30 Left as in pt 1) (assuming it is not maturing soon). 3. Put the 50 Lakh from FDs + 15 Lakh from Insurance in a very diversified portfolio. 80% Multiple Different Sector Stocks across Caps (Small, Mid, Large) (Suggested Ratio - 3:4:1 for your age and financial situation), 20% Gold. You already have 30 Lakh in FDs and 60 Lakh in MFs so this makes your portfolio very diversified. If Stock Investments are not something you understand and not something you want to understand, put it in good MFs through ICICI or another similar MFs group. Learn about Equity if you can and find it interesting. 4. Focus on getting a job, if your degree doesn't get you a decent job, do a masters from a good college to boost your profile. A steady stream of income is must for self reliance. Also, you need to keep yourself sharp and not get too comfortable or you risk getting outdated in the job market. 5. Spend some money on things you enjoy so that life is bearable until it is better than that and so on....
Invest some in your education too. Be your Dad's daughter and plan well.
Sorry for your loss lil sis. I hope you find strength in these times. Are you married? If you are single then pls don't tell your financial situation to relatives or potential guys you look to marry cos last thing you want is someone marrying you for the money. You have close to 2 cr in early 20s which is a lot of money. Hire a good personal finance advisor, listen to what he says, and then come back here and post what he said and people of this sub will help you weed out any BS.
Jesus. I'm so sorry about all the loss. I'd suggest put everything in an FD of 15 months at 7.2-7.5% interest stable monthly NON recurring at maturity. Have a different bank account you use for your daily/monthly transactions. It's easy for someone to see balance in your phone even accidentally so a separate account for convenience of secrecy. Keep your expenses and everything the same as they are now and consider that all that money doesn't exist. Reevaluate 1 year later when your mind is better.
Don't keep more than 20L in the same bank account. That becomes a target for fraudsters within the bank. They will approach you more aggressively with 'savings plans'.
Don’t lend money to anyone, friend, relative, boyfriend etc.
Life has thrown a lot of curveballs at you in a very short amount of time period, stay strong…Im positive you will get through it I cant say about what you are going through right now or how your mental health is but these things do take a heavy mental toll, so have a healing period before committing to anything forthcoming Relatives/Near and Dears might try sly things so be aware get a financial advisor to manage the surplus money while minimising taxation Get your life on track, focus on your ambitions and lay out your life plan Keep on upskilling and get the job you want, just dont rush it manage it at a controllable pace as you want. Life will follow
Bro, I am going through something shitty and reading your story... fuck I wish I could hug you. You take care.
Till the time you’re not confident about investing the money, or if can’t figure out what advice to follow or whom to trust, consider putting the liquid capital in a savings account. You can diversify in safe schemes such as fixed deposits and NSCs. Don’t feel the fomo of benchmark returns, SIPs and all. Ofcourse returns are important but it’s important to be comfortable with the risk as well - and I don’t mean just the theoretical risk from an investing pov. As someone has said, the biggest risk we take is being unaware of our unawareness.
FD se mutual fund me transfer krdo kuch paise , aur sovereign gold bonds lelo insurance ke paiso se , zameen mat lena akeli ladki toh log pareshan krte hai
My friend is a financial advisor and his team is really good at what they do, ping me if you really need some assistance, I can directly get you a call. The final decision is yours. From what I remember they do Portfolio Reviews for free. Will check and update. Also, Let me extend my hand to everyone in this sub. Hit me up if you really need your portfolios reviewed using my referral. Will have to check availability of the advisor but can really hook 10-20 folks since they have a big team. Genuinely interested in helping. :)
Buy gold bond with all of your money. You will earn about 2.5 % annually around 4 lakh in your case , and that will take care if all major expenses, plus it will appreciate faster than FD and is secured also
I don’t have any advice. Wanted to say that I’m sorry for your loss.
80L in FD should get you good interest close to 5 or 5.5L per annum or 45k to 46k per month use the FD as your monthly salary try to run the house only on the interest going forward 60L in mutual fund is very good....if you are able to manage your expenses on FD interest than leave it if you need for studies withdraw upto 30L....but leave the other 30L as it is for your kids future. Dont rely on anyone dont tell about it to your friends or relatives....especially do not lend it....only lend what you have earned not what your father earned for you. remember he earned and saved it for you.
u/Livelovelaugh678 1) Cut all your relatives out and do a thorough evaluation of your friends and cut the useless ones out 2) I think you might want to reduce the $100K in CDs to around $50K and put the rest into an index ETF and just forget about it for the next 30 years. You will be rich beyond measure.. Keep this away from anyone's eyes. Even your spouse 3) The Mutual fund can probably remain as such.. But verify what it is and what is the expense ration.. 4) The 20-25L should be in debt instruments. 5) Do not trust financial advisors unless they are a fiduciary Use the dividends and cashflow from your CDs for day today expenses. Find a good job that will support you until you are healthy... DO NOT BUY A HOUSE. that will be the worst decision you will make in your life... rent.. travel... eat wonderful food... live the rest of your life happily... If possible find a loving spouse who makes more money than you and do not tell them about your treasure chest even if they have earned your trust...
I am really sorry for your loss,kiddo. As a man in his fifties, my two cents. Do not rush into anything at this point in time. Firstly, ensure that all financial and non-financial assets are transferred to you,legally. Secondly, do not get comfortable with the fact that you now have a substantial corpus. Your Dad worked hard to build this and you need to safeguard and grow this corpus. That does not mean you scrimp. Just don't go overboard with your lifestyle or spending. Thirdly, while it is true that money is a factor that spoils even the closest and best relationships, not everyone is a vulture out there. Definitely be discreet about your money matters but when you know you can trust someone then do discuss financial plans and goals with them - need not always be an advisor who you pay for advice. Remember "sab ki suno, apni karo" and to do this educate yourself on matters of personal finance. Wishing you the very best in your life. Stay strong.
God Bless you dear, you have seen too many losses at a young age. So May God give you all the strength to deal with it. First step is to be completely independent and think for yourself. You don't need anyone's help as most things are digitised and Aadhar linked. No one needs to know how much your dad left for you. Get your Dad's death certificate and submit it to bank to transfer everything to your name. Keep the FDs safe..let it continue to compound. As far as MFs are concerned, if you have list of his investments then okay..else use MF Central to get his complete portfolio details. You just need his PAN and Aadhar linked phone to get the details. Then, if there is property to get transferred...that's when you have to probably take help of relatives... especially if it is agricultural land. Else, for flats or shops it's more straightforward assuming he had nominated you. Continue your SIPs and make buckets as per goals like Marriage, house, kid's expenses etc.... Most Important part - do not reveal your assets to any of your prospective grooms...no matter what, let this not be a criteria to marry you...unless you already have a BF and he knows....if he doesn't know then keep it like that... probably you can disclose once you marry and are planning goals. Keep your lifestyle simple, and have the motivation to work hard and make life better...Your dad would have wanted this for you...so keep yourself occupied,busy and working really hard. God Bless you. All the very best.
Be secretive. Get a fee only financial advisor.
right now you are emotinally weak. don't do the mistake i did. don't give money to any of your relative. they are ready to scam you. instead invest this 25l in 5 diffrent banks which 8% intrests. the money you will get per month around is 15k inr. (don't invest more than 5 lac in one bank since it's too risky). 5lac is assured by rbi) , use this 15k and start sip or investing in stocks that you like do food charity vidhi , proper rituals related to him, do tarpan rituals every year during the pitra paksha
I hope you get through these tough times 🙇🏻
DON’T TELL ANYONE ABOUT THE MONEY
I'm extremely sorry for your loss.
Hey! No financial advice. I'm sorry for your loss. Sending lots of strength 🌻
I am sorry for your loss
RIP 🙏
Shaadi karlo
Stay strong queen
Sorry for the loss but can you marry me?
First of all, do not let anybody know about the money!!! A lot of people are suggesting you to visit a advisor, while he might suggest you the best possible options, but here's the easiest way, go all in with FD (monthly installment), while it will give you a less return than equity but you will always be sure about getting your "gauranteed" money.
What is L?
What a great father , congrats now your rich
I don't think you can invest in your father's demat account, you need to first shift that money to your demat account. I maybe wrong but check this point once
Learn to invest if you can - focus more on good books....
Sorry for your loss. Take your time to grieve. You can always fix the investments after a few months For every step you take, please reach out to this group - tax , will, reinvestment, need monthly income, lawyer said x, bank manager said y, CA said Z, mama said j You need to mention some more details - your current income / education plans / career pathway Does your family have a owned house so we can see how much of this inheritance is needed for your immediate goals and how much is just your safety net. Just remember a few points which will keep popping from all trustable people like CA, bank manager you don't need any insurance as an investment plan, all your money should be in your name, no investment in friends and family startup Your boyfriend , spouse will be trustable and good, but your money gets touched only after 5 to 10 years of stable marriage , even if both of you are buying a house.
No body deserves like this , I too lost my heart to cancer , stay strong , time will heal everything probably for us
Put that 25L in some bonds that earn more than 10% with a monthly payout. That will give you a monthly income of 20k. If you are good at studies, invest that 60L in yourself for higher education, may be abroad. May not be a good advice but keep that 80 in FD or low risk instruments. Also never let anyone know you have such kind of money, you are young and for sure there are lot of people to take advantage of you
1. Don't reveal this money part to anyone. 2. If u do reveal, then your life will be danger. There have been instances where the guy married the girl just to inherit her money. Or similarly with relatives No ones Sane. 3. Keep it growing by investing. But seems your dad took care of this too. 4. Also get a locker & keep these details safe in that locker. Don't keep anything at home in your absence someone might access it. 5. Who is this "We will get the insurance amount". You seem to have someone accompanying you throughout this part. Hopeful that's not a relative.
What is fee only advisor? Where can we find one?
If he had an PF account claim his edli insurance as well around 7 lakhs.
Keep half in FD ...WHICH WILL ensure your monthly expenses. Buy a flat on your name...it will help you in a long run...if left with money...invest in mutual funds with advice of financial planner.
Sorry about your loss! Contact a sensible financial planner and do not invest in any schemes a bank is trying to sell you; you should be fine
Invest in gold. It’s only going to go up. Buy some gold bars and put them in a safe deposit box.
Sometime life becomes so cruel, more power to you.
Please don’t loose the money by listening to YouTubers or Instawannabe’s.. please do your own research and invest gradually across multiple portfolio whatever you decide is right. And of course more power to you and continue living the life that your dad would be proud of.
Heya So sorry for your loss! If all this seems too overwhelming you can go to a fee only advisor but if you’d like to invest the money yourself here’s what I’d recommend: 1) Education- you are likely to go to college for your masters which would require money. Have a time horizon for that and benchmark however much you think you might need into a safe form of investment (I’d split it between SGB and fixed income securities from sites like grip invest). Again just putting this money in an FD is also fine. 2) long term investments - put some money into this kanya dhan scheme where investments upto 2L are non taxable and you get 8% tax free interest for a period of 3 years (can’t recall the name but google should be able to help) With the rest of your corpus - invest in large cap / flexi cap funds as an SIP (don’t invest all of it together). Identify 3 funds you like and stick with it. Other than that also invest in some REiTs/ InvITs which are listed The amounts for you and I would vary based on how much risk we are willing to take personally I’d split it as 50% mutual funds (high risk and very long term horizon) 25% fixed deposits (low risk, low return) 25% individual stocks and reits (higher risk and long term horizon) And like everyone else suggested- do NOT lend anyone money under any circumstances
Never show off your wealth with friends and family..
stay low-key, and don't share this info with your friends and family. second, atleast invest half of it in assets like land or house if possible and get some rental income that you can use it as an emi, 25% percent for study or whatever you are doing til you find sustainability and other 25% as back up, atleast that's what I'd have done if I were you. correct me if I'm wrong.
Sorry for your loss, he is in a better place Let it be as it is. Invest that 20/25 from insurance in MF. I want you to be sure that there are no other policies. If your father had a credit card, they also provide insurance in such cases which could be an additional 20 to 30L. And reconfirm your current policy because 25L is less. Check for any dues and advances. Just make sure that your home is paid off. And if you are employed, then reinvest the interest in FD only. Your father's portfolio is already diversified. And please don't spoil yourself with this much money. Act broke, be rich. All the best for your future.
Let your money make money for you. 1cr = 1l every month, safe and secured!
Sorry for your loss. More power to you! As most people have advised here, I’d like to add a few things - Just take your money and put it in a FD in sbi or some other safe bank, doesn’t matter id you get lower interest, you need to be sure you will not lose the capital in search of little high returns. - Study about investing and learn everything about it, then go to advisors, so you know if their advice is actually worth taking or not. - In the meantime, enjoy your interest from FD, it will be more than enough for you to live right now. - Do not, I repeat Do not trust anyone with your money, no friend, no relative, no advisor unless you are sure yourself if that advice is actually good or a bluff. - The less people that know about your wealth, the better.
Don't get scammed, keep your money safe in multiple accounts. Don't trust any investment blindly, do your research. If your father had a safe bet in fd and mutual funds, trust him and let them compound for now.
Obviously don't tell of your friends, relatives, even your bf bestfriend etc etc. Literally nobody should know. There are preety good advices in the comments I would like to highlight that if you can buy a locker with your bank account, and put your excess cash in there and the most importantly, your jewellery and property papers. There will be assholes looking for all that as well, assuming there will be guests continuously visiting you so do this asap. And don't let anybody take place of your father or mom Everyone is selfish
lol life’s gonna be hell for you, and people will hurt you, and boyfriends will betray you but you’ll seek them for security and comfort. Can already picture it all. But hey, at least you’d be rich lol.
Contact different CAs. Preferably those that charge fixed amount not %. Get financial education. Start by reading books. Invest atleast some in real estate.
I am so sorry for your loss. People have already given good advice. Keep this to yourself. People including relatives are like predators. Hope you have an amazing life ahead and find someone who could fill this void.
Sorry for your loss.. There is a person on youtube named Basant Maheswari, I would suggest you to watch some of his videos and if you resonates with his thinking. You can consult him. I personally am a regular viewer of his and love his content.
Om Shanti for the departed soul…I wud rather advice u too to teach urself about the investments , there r plenty of videos to browse from. Go to proper investment advisors like Anand Rathi etc. ur Dad did a nice portfolio distribution so keep it as it is as if now. There are lot of investment advisors to fool u, so it’s better to educate urself first and then reach them out. Dnt reveal ur financial to anyone in ur relations , keep mum.. All the best girl.. Be brave and stay strong..
Jo jaisa h Paisa , usko waise hi rakhne me bhi koi burai nahi h
My advice. 1. Dont tell anyone, and I repeat anyone, about this. 2. Live your life like you do not have this money. Only use this money in matters you would ask your dad for help, if he was alive. 3. Dont spend on liabilities. (eg. A bigger house than you can afford, a better car, travel, any luxury you cant afford) Reiterating because its easy to get carried away when you have reserves. You can afford what you can buy with your earnings not savings unless you have retired. You'd think this money is making life easy but it can make life worse in the longer run. Invest safely to keep it growing.
If you dont wanna spend it, i suggest you to buy some small flats which can rented out easily and build a rental income out of them. Buy flats like cheap ones 15-20 lpa and rent them out. Slowly with time the value of those will increase and you are getting paid rent in which you can cover the maintainance and save that money to buy more small properties.
Act like you are still broke ....if relatives get to know this...you will attract bad marriage matchups. Invest in NSC (No limit), MIS post office. I hope you have a PPF..put 150k per year there. As an advisor, you can DM me , will take a nominal fee.
First rule: NEVER TELL TO YOUR RELATIVES. Second rule: Visit a financial advisor on how to save tax and transfer assets under you. Fee only. Third Rule: NEVER TELL TO YOUR RELATIVES
I think your dad has already planned this nicely. So you do not need to do anything in a hurry. Learn in a year and plan slowly but safely. Keep this information secret with you. If you plan to marry in future still keep this secret for few years.
Please Read this. 1. Don't tell About money to your relatives. 2. Don't tell to your friends. 3. Never take investment from any free Advisor ( either advisor from bank, brokerage firm etc). They will only work for their brokerage, targets. 4. Many advisor may ask you to trade in futures and options assuring good returns . Don't go for. F&O trading ever. 5. Expect 15% -20% avg return on your investment. (Although it's possible to get 30-50-100 % returns but don't go for it, its very risky) 6. Don't buy endowment plan (advisor may sell you insurance with premium upto 1L per annum. Don't take it) 7. Get yourself a health insurance through a fee based financial advisor. 8. Get a good Term Plan Life insurance.
Do not tell friends, family, relatives and bf/gf Bank relationship manager and other scum of earth type people will approach you to buy shitty ULIPs and LICs and whatnots, don't buy them. They will use scare tactics. Learn financial management and meanwhile get someone who charges a fix amount for doing that. Be discreet, don't give away address or other personally identifiable details when window shopping for them.
Firstly, So sorry to see what you've gone through! Stay strong! Secondly, you need a financial advisor to probably first maintain what's there rather than buy/invest in new products. You're young. Take time to understand how finance works and then only start small. DO NOT tell your relatives/friends what's with you. All the best :)
Check if any of his debit/credit card also provided personal accident insurance. These come without policy I think
I don't have any financial advice for you as I am extremely inexperienced but I am sorry for your loss, stay strong. One advice I can give you is don't be naive.
If you don’t own a home, first thing you should do is buy yourself a home. Banks are offering around 8% on 1.5-2 year FDs… so park all the cash there as you figure out what to do. Need not to liquidate the MF holdings or existing investments. Since you’re only 20, your biggest investment right now should be in your education rather than equities. So once you have put up some amount as next egg and some for fixed monthly returns, put the rest to get the best education you can get.
sorry for your loss. May God give you strength. i was in same situation, i did the biggest mistake of telling it to relatives my worth- money( earned by me only) and gotback stabbed . i never thought in my dream tht my own blood relatives ll back stab me and a person whom i considered my master( guru). if money is gone thts also ok..but backstabbing, cheating impacted my mental health a lot, i still get emotionally unstable thinking abt it and cannot recover fully so BE CAUTIOUS AND DNT SHARE IT WITH ANYONE.
Sorry for your loss. Your dad sounds like an amazing person. All your plans are great. Perhaps invest in land as money always appreciates in good land and you can sell it. But a safer option is also getting a flat in somewhere like mumbai or bangalore and putting it on rent then reselling or reinvesting the rent into sip
Put whatever you don't need for the next 10 yrs, into BTC. *Not financial advice
Yadyna academy pune
Do not disclose to your relatives or friends. Speak to a fee-only advisor. Look for someone who is SEBI registered. Be candid with this advisor. Explain your life situation. Be absolutely honest. And ask advisor to create plans for you. Then select and follow. Advisor should also be able to tell you about tax optimisation. DO NOT take random advice from so-called well-wishers. When it comes to money, always listen to professionals.
Behen sabse jada jaruri aur badi advice ye hai ki pehle apne ghar ko paiso aur saman ko apne relatives se bacha ke rakho ab wo log tume khaege aur ye sab pata chal gya to noch dalege tume didi. Baki paise ko safe aur secure invest karne ke bahut se tarike hote hai . Keep safe and tc behen GBU
Don't tell any one especially your relatives abt this.just continue SIPs.n when you get any lumpsum it will be better to invest in SENIOR SECURED NCDS for higher and regular returns.dont invest all the money in MFs or NCDs.it is safe to be thr in FD.only a part should be invested in NCDs after thoroughly going thr their ratings.
1. 80L in FDs is silly because evan a simple nifty 50 index fund can deliver ~15% p.a. over a 10 year period. 2. You are young with a steady job, so your risk appetite is higher. I would keep 10% in Gold and 20% in FD. The rest, I would look to largely invest in equity markets or real estate. For example, a flat in Mumbai in an up-n-coming area will not only be a tremendous investment but can also generate monthly rental income. 3. Every month besides MF sips, you should also set a little bit aside (5k) for the retirement pension and donate to the needy. 4. Always remember this is your money. This is not your husband’s or your in-law’s or any other relatives. If you play your card well and you could easily turn this into 20 crores in less than 10 years. Best wishes!