RM: Sure Sir, I will help you understand where you are currently, what you need to do to achieve your goals, how you need to go about managing your savings and investments, your risk profile and risk-taking ability and recommended asset allocation model.
 

RM: Sure Sir, Now is indeed the right time. The sooner you start planning the better it is. To help you plan, I need to know some personal details. Are you fine with it?
 

RM: Do you own a house?
 

RM: Right. You will need to make enough savings for buying a house . You will have to save enough money to pay for the down payment and the rest can be arranged through home loans.
 

RM: That's nice. Starting a family can put some strain on your finances. You have to save a decent amount for the birth of your child/children, their upbringing and education . Anticipate these expenses and make investments regularly.
 

RM: Since you plan to buy a car , you will have to arrange for the down payment. The rest of the money can be arranged through auto loans. So keep investing regularly.
 

RM: Yes. Now that you are married, you should invest in life insurance . If some untoward thing happens to you, at least your wife will have some financial support to lead a comfortable life. Besides life insurance, you should invest in some medical insurance too. Your wife may also need medical assistance from time to time.
 

RM: You should invest into equities too. As a general thumb rule, desired allocation to equity can be calculated as 100 - age. So, if you are 30, the ideal allocation of your investible surplus to equity can be around 70 percent.
 

RM: You should also save some amount for the long term. Even if you invest small amounts, you should do it regularly. This way you can save a sizeable amount for your retirement . The earlier you start investing the greater amount you will be able to accumulate. That is the power of compounding. Thus you can lead a comfortable and peaceful retired life.
 

RM: That's a good idea. In that case, you will have to save a sufficient amount of money which you will need till your business can break even and generate a good profit. Also, don't forget to insure your assets as it will be of great help in case of an emergency.