24M, supporting family + investing aggressively , am I actually on the right track financially?
24M supporting family and investing aggressively, am I actually on the right track financially?
Current in-hand salary is around 1.24L/month.
Monthly breakdown:
- Rent: 15k
- Family support: 50k
- Investments: currently 15k, increasing to 20k
My SIP split:
- Parag Parikh Flexi Cap Direct – 4,500
- Kotak Emerging Equity Direct – 3,750
- Nippon India Small Cap Direct – 3,375
- UTI Nifty 50 Index Direct – 1,875
- HDFC Gold ETF FoF Direct – 1,500
After all this I’m left with around 39k.
A few months ago I started investing in US stocks as well. Current holdings are:
- VOO
- QQQM
- NVDA
- GOOGL
Initial investment was around $129 and it’s around $189 now. I’m thinking of adding another $50 (~5k INR) every month into US stocks going forward.
The thing is:
- I’m 24 and trying to invest/save as aggressively as I reasonably can
- I don’t have an emergency fund yet
- If I add the extra 5k into US stocks, I’ll still have around 34k/month for Bangalore expenses (groceries, outings, gym, supplements, random spending etc.), which feels manageable
Another thing: My dad had taken a term insurance plan for me around 2021. It’s a yearly payment of around 90k, and last year I contributed around 60k towards it. Right now for health insurance I only have my company-provided insurance, so I know I probably need to get a personal medical insurance plan as well.
One thing I’m conflicted about: I currently give 50k at home every month. A part of me feels maybe reducing it to 45k would give me slightly more breathing room financially here, but at the same time I genuinely want to support my family as much as possible.
I’m also probably planning to get married in the next 3–4 years max, so that’s another thing I’ve started thinking about financially.
Main questions:
- Should I focus on building a proper emergency fund first before increasing investments further?
- Does adding 5k monthly into US stocks make sense right now?
- Does my MF allocation even look sensible for someone my age?
- Am I over-investing and under-living for my age?
- And overall, does this seem like I’m moving in the right direction financially?
Would genuinely appreciate opinions from people who’ve gone through a similar phase.