I am looking for specific advice or suggestion on investing in various financial instruments with respect to my present financial situation as described below.
I am from India and presently I am in my early 30s. Also, presently there is no primary source of income in the form of recurring income such as salary from a full-time job. What I have is my previous earnings in lumpsum in INR. I also don’t have any other secondary source of income presently.
Question 1: I want a steady side-income in the form of investing the money that I already have in the form of a lump sum. So, how should I go ahead with it?
What I mean is that in what form of investments should I go ahead initially? Should it be in shares/stocks or mutual funds or bonds or in forex trading?
Question 2: Secondly, If I go ahead, with investing in shares or stocks, should I invest in Nifty50 stocks? Is Forex Trading not recommended for first-time investors? Since I don’t have a primary income now, will I be better off in investing my lumpsum in Provident Fund or Fixed Deposit or in NPS?
Question 3: Thirdly, in whichever financial instrument category, I start investing, how should I go ahead with it? What I mean is what are the different steps to be completed in order to start trading in India? For example, in which bank I should open Demat accounts that are considered to be popular among investors? Then, should I seek suggestions from financial experts by paying applicable fees before I start trading or should I follow recommendations provided by the algorithmic trading platform?
Please provide relevant replies to the above questions and any other information, that may be relevant to this discussion.