I have sort of confusion. Please guys help me out.
By recurring Fixed Deposit I saved $30,000 and I withdraw this amount now. With the same way, I would like to double my amount approx $60,000 this year. Here I confuse, I can save only $30,000 by my income and I have planned to reinvest the $30,000 in Recurring FD. In that case, what should be my saving amount?
If I will save $60,000 in that case why will i reinvest my amount ? I can utilize my $30,000 somewhere else and earn interest amount.
If I would like to invest only in recurring fixed deposit. What should be my goal setting amount at this stage? I would like to reinvest my $30,000 & my monthly saving income only.