Need some long term financial advice before I make my next major move.
28M from Manipur. I currently work a government contractual job earning around ₹24k/month, which is expected to increase to around ₹55k/month once I get regularised early next year. Apart from my job, I also run a small business generating around ₹8–10L annually, although the income can vary depending on the year.
I currently have no debt, cash reserves of around ₹4–5L, and my family already owns 3 plots of land. I also have some collectable/alternative assets that have appreciated over the years, so a portion of my net worth is already tied up in relatively illiquid assets alongside land. My monthly household expenditure is around ₹25–30k, and my wife and I are also expecting a baby soon.
One important factor is that although we own land, our family still does not have a permanent house yet, and we are currently staying in government accommodation.
My current dilemma is that there’s an opportunity to buy around 1 acre of paddy field land near a highway, about 25 km from the city, for roughly ₹10L. I feel it could appreciate well in the future, especially with development expanding outward. However, I also realise I already have significant exposure to land and still haven’t started SIP/index fund investing yet.
Given my situation, would you prioritise buying more land, starting SIPs/index fund investing, building larger liquidity/emergency funds, or focusing first on eventually building a house? Looking for long-term financial perspectives from people familiar with land appreciation and realities in Manipur.