Readers' Corner: Financial planning

SIP in equities is not quite the same as doing SIP in a mutual fund

My cousin passed away and his wife received Rs 50 lakh as insurance payout. She has a son, aged 10, and a daughter, aged 7. We wish to invest this money. There are three goals: Supplementary income of Rs 20,000 a month that should increase with time, children’s education when they go to college in 8-10 years, children’s marriage. Where and how should we invest this money?

Let’s plan this in three parts – education for the son and daughter and supplementary income for self. Let’s first invest amounts of Rs 6 lakh and Rs 4 lakh for the son and