“Debt payoff + wealth building — realistic approach?”
I am 28M with in-hand salary of 1L per month, sole earner of the household (4 members including me) . I had taken some loans for restaurant business but it didn’t go well and had to close it last year, I have tried to close as much loans as possible within last year and currently the amount is close to 16L. Now I don’t have much savings at my hands and I am looking to increase my wealth as much as possible and trying to close the debts along side.. I do have a pressure to buy home from my parents for marriage but I do not have anything with me for down payment.. we have a small land in village which might go at 6L… it is not enough for down payment at the moment.. So I am thinking about investing my money at the moment and not going for any big home loans and alongside reduce my current debts as much as possible..
**Current situation:**
\*\*•\*\* Salary: ₹1L/month
\*\*•\*\* Monthly expenses: \\\~₹65k (rent(25k), food(20k), other expenses (10k) , loan interest (10k))
\*\*•\*\* Current investments:gold ₹15k(first instalment was paid last month only) , indian stocks 5k
\*\*•\*\* Existing holdings: ₹1.3L in Indian stocks.,
₹80k in UK shares
**•** No emergency fund yet
**Debt breakdown:**
\*\*•\*\* ₹9L personal loan (interest-only, ₹10k/month, can negotiate repayment timeline)
\*\*•\*\* ₹7-8L gold loan (low interest \\\~1-2%, no deadline)
Question-
\*\*• where can I invest my remaining 15k and how to create my emergency fund at the earliest?\*\*
\*\*•\*\* Should I prioritize debt payoff over investing, or both in parallel?
\*\*•\*\* Any red flags in my current approach?
Open to suggestions and feedback. Thanks!
TL;DR: ₹1L salary per month, ₹16L debt (mixed, some personal, some gold loans), currently investing ₹30k/month. Looking for a solid wealth-building strategy.