Taking stock

[Prakash Tamhankar]

Hello,

Let me try to answer each question one by one…
> What are your investing beliefs, your current investment operating system?
I believe in goal based investments, identifying the goals that must be met would help get the focus to invest and get to where I want to get. My investment thoughts have evolved with over 15 years of investments and the success and failure I had with them. These are the aspects, I have covered in over 15+ years of investments I have been doing:
1. Emergency funds – These are in fixed deposits typically. They are reassessed and revised once annually.
2. Insurance – Medical/Health, Accident, Life and Home Insurance are covered. Specially for Medical/Health/Accident, I have gone beyond my employer insurance and insured the family and myself suitably.
3. Life goals – These goals are short term and long term. For short term goals, I invest primarily in debt mutual funds; for longer term, I have invested primarily in equity mutual funds. These are reviewed and revised annually. I have had experience starting my investments with RDs, NSCs in the initial days, but most of the investments are now in mutual funds. I have invested these primarily through banks as brokers in between, while they offer premium facilities (eg. free withdrawals at any ATM, free unlimited cheques, free home banking, etc) for investing through them, I am realizing that these add-ons are actually costing me more in terms of investment returns, and I am currently reviewing on how I transition out to Direct Mutual funds over the years. LTCG on Equity funds is going to be a spoke in the wheel too. Not sure, how I transition this.
>What tools do you use? What handicaps do you face?
I used to use Perfios before, which helps me consolidate my finances at one place. However keeping the mutual fund investment details up to date there was becoming challenge, especially with some of the direct fund investments I was doing. I have discovered unovest recently and have been using it for mutual fund investment details. I am yet to figure out, how I can get a consolidated view of my complete financial portfolio. There are bits and pieces in Perfios and unovest now.
>Why are you here at Money Master? What do you intend to achieve?
I depend primarily on mutual funds as a vehicle for life goals, I am here to figure out with Money Master if there is scope of improvement in returns with other investment options available, and how I leverage these to get the financial independence I am seeking.

Thanks and regards,
Prakash

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