I am 40 years old with the responsibility of a special needs child and a liability of a home loan. How should I plan my finances?
- Atin
You really need to create a larger corpus to ensure that there is sufficient money to support the needs of the child. Invest aggressively in equity, as much as possible. And don't get unnerved. Because having more than enough is the only way to ensure that that the child did will not outlive that savings, in your absence. So, till the time you are working, invest as aggressively and as much as possible. Create a low maintenance portfolio.
For the stage when you are not around, work on a trust structure. Appoint one or two trustees who will ensure that when you are not around, the income derived from the accumulated corpus is used for the benefit of the child.
This article was originally published on February 06, 2019.
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