0Hello, I too am of age 23, so I guess our thinking will match a lot and lets explore the possible ways to invest money.
Firstly, We should have a life cover, since you are just 23, cover of 1 crore is available at just 10k per year, I would strongly recommend you to opt a life cover, it would be a back up for your family in any miss happening and at just 10k per year, its one of the best investment.
Secondly, To beat this growing inflation, our investment should be in such instruments which will give us compound returns and well above inflation rate.
One of the best tool is MUTUAL FUND. I would strongly recommend you to have a mutual fund (SIP) of 5k every month for next 20 years, at maturity you will receive around 1.5 crore after 20 years, that will be your retirement funds for your children and your personal expenses.
Apart from Mutual fund invest around Rs. 2 K every month in stocks of various sectors, and keep holding them in your portfolio.
This small planning at age of 23, will give you an assured returns of 1.5 crore after your retirement and around a decent returns from equity investment.
Also your family will get 1 crore in case of your demise. All of this at a very small investment.
I hope this will help you.
