Hi, this is my first post. I'm male, 30, married, no kids, wife 30, not working. I live in India and earn in India. I have three houses in India currently worth USD 200K with mortgage USD 100K. I plan to repay all three mortgages in full in next two years. Also plan to buy 2 more houses and pay it in full before I turn 40.
I don't have any liabilities other than mortgage. My parents are retired and are NOT dependent on me (thought it would be worth mentioning since most people in India in my age group have dependent parents.)
I have three term life insurance policies totaling USD 100K to cover each of my mortgages. Additionally I have term life insurance worth INR 5 million each for my wife and I and health insurance (medical insurance) worth INR 500K. Don't have any other assets except emergency fund of INR 500K (USD 11K).
I aim to retire at 45. But before I do so, I plan to stack up INR 4,00,00,000.00 (INR 4 crores or INR 40 million) in cash by selling three out of 5 houses plus my bank balance. Even at 6% guaranteed return, the interest alone comes to INR 200K (USD 4.5K) per month. Current guaranteed returns fetch up to 8.5% but I wanted to be conservative.
My current average monthly expenditure incuding insurance (life and car), property taxes, vacation, shopping, groceries and other household expenses (TV, internet, electricity, gas etc.) comes to INR 61,500 (USD 1.4K) per month.
I don't understand stock market, don't trust financial advisors in India and want to put my money down only when returns are guaranteed. Do you think I have a sound plan? or am I missing something? Would love to hear your views / opinions / comments.
I don't have any liabilities other than mortgage. My parents are retired and are NOT dependent on me (thought it would be worth mentioning since most people in India in my age group have dependent parents.)
I have three term life insurance policies totaling USD 100K to cover each of my mortgages. Additionally I have term life insurance worth INR 5 million each for my wife and I and health insurance (medical insurance) worth INR 500K. Don't have any other assets except emergency fund of INR 500K (USD 11K).
I aim to retire at 45. But before I do so, I plan to stack up INR 4,00,00,000.00 (INR 4 crores or INR 40 million) in cash by selling three out of 5 houses plus my bank balance. Even at 6% guaranteed return, the interest alone comes to INR 200K (USD 4.5K) per month. Current guaranteed returns fetch up to 8.5% but I wanted to be conservative.
My current average monthly expenditure incuding insurance (life and car), property taxes, vacation, shopping, groceries and other household expenses (TV, internet, electricity, gas etc.) comes to INR 61,500 (USD 1.4K) per month.
I don't understand stock market, don't trust financial advisors in India and want to put my money down only when returns are guaranteed. Do you think I have a sound plan? or am I missing something? Would love to hear your views / opinions / comments.