First of all my advice will be to get the papers in line. All the income papers. All the expenditures. Also as you are in India you will need a PAN card.

My investments are handled by Citibank. My Citibank investment relationship manager did provided me a good overview of the investments.

The perfect income that you are hoping for can be achieved. There are schemes that don't pay every month but they can pay you yearly. Lets say you are getting 600,000 per year in returns. They will be automatically forwarded in your saving account and you can withdraw 50,000 per month for next 12 months getting you a 50,000 salary per month. Moreover the saving banks account also gives 7% or around so for the next 11 months you will get some interest from the money that is sitting in your savings account. If by some chance you are not able to spend the 50,000 from your savings account then let it also be there and you can invest that money back into the capital at the end of the year. Your new 600,000 will be waiting in your account from your investments.

Now to get a return of 6 lacs per year. You might need 60 lacs at 10%

You can even get 6 lacs if the investment is giving you better returns from a capital of 40 to 50 lacs.

Some schemes that I have heard of are giving 20% to 22% returns. + Life insurance of 20 lacs + Air accident insurance of 40 lacs + they are tax exempted. I don't know they do have a long list of things in it but its good one. I did researched the market and then decided to go with citigroup.

Bank FD's are a good investment. I am also 24. Have never studied and have left the school in 10th grade. My capital right now can define that will I ever become a worker in someone's company or will I have a good life ahead of me. I have seen banks dissolve and getting bankrupt themselves. So for some security and some percentage don't risk that much money. Mutual funds, NSC certificates, Life insurance [One that gives returns] are some of the better investment choices. Also just don't go for very good investment plans. Some of my friends are repenting on their investments as they thought it would be a good one. But it only proved to be a good one for the broker who was getting his investments done

Please see that you also follow the rules of the Government. Get taxes and other things cleared first. I have 2 Chartered accountants who are my friends and I really ate their brains out

Good advice and NS and I have about the same amount of formal schooling... 8-|

I think if you can get 8-10% and it's safe, then you don't need to look futher. If the FDs are like our CDs here in the US, you invest a set amount like $1,000 or more and then it stays there for a set period of time like 1-5 years, then you can take the entire amount out.

In your case, what you could to is start to invest in them each month. If you invest in 12 CDs for one year each, you will start to have them mature once a month after 12 months. Then you can take out some money and then get a new CD. You could also buy 2, one for one year and one for 2 years so that you have an extended investment with CDs maturing on a regular schedule.

I do think diversity is important and you should consider having some money in other things or other countries if you can so you don't lose everything, should the worst possible thing happen.

Great idea Nielsencl.

I have also thought on this plan. I am thinking to put in some FD's so they can give me some money every month and then I can accumulate that money and make another FD :grin: So the cycle goes faster and faster and faster. hehehehehh Now the time is to focus on days. So we can make a FD on 1st then next month on 2nd and then on 3rd so on. In 18 months with 12 existing FD's and 18 new FD's the cycle will be on daily basis. Possibilities are immense :grin:

By the way, nice to know that we all are having very similar kind of education background :tongue:

Yes admin it will be nice to sit on a cycle like that which is going faster :)
YEEEHHHAAAAA
More faster. :grinning-wink:
By the way I'm also 10th pass. :crying:

hello friends,

thank you for ur replies.my net is down n I'm on my pda phone. so can't type everything.

just wanted to share 1 thing I.e I'm also 10th pass. wow its good we should get together n show ppl the successful personalities without education.... lol..

FD idea is good 9.5 to 10% we get. n if we plan it perfectly with having many fds on different dates. so we could get money monhly or 15 days or something like tht. need to work on calculations n could work it out as
1 gr8 person said money management is an art. hehe.

I will workout n u also do it.

I have all my taxations cleared. paying tax from last 4+ yrs.

I will write morethings when I'm online from my pc. njoy bye.

n plz admin can I know ur name.

What an inspiring bunch of posts.

I was looking into investing and the stock market a few months ago, but I decided that there were other skills of mine that would be worth developing and that I could go back to reading about investing and the stock market a little later. After all, you need some capital to start investing, or else you're going to depend solely on your investments for income and that would not be a good situation even with safe returns.

I will be turning 21 in July, but I figured that it was time to really buckle down and get a handle on a new skillset for my own future. Thanks for the advice, everyone.

Hello Everyone.

thanks for comming up with ur suggestions. Thanks admin for your good help..

I have got few ideas and i have few more ideas relate to investment plans. I would surely let u know about it. tmorrow im going to my bank and will have a talk with the executive and lets see what ideas and suggestion i get. And if i find something intresting i would let all of you know about it....

Till the time njoy.. Keep the money comming in :D...