New Delhi, Sept. 21 -- Having Rs.1 crore can bring relief, excitement and plenty of spending ideas. You may consider buying a bigger car, upgrading your home or taking holidays. However, the money needs a clear purpose before you spend or invest it.

The same amount serves different needs at different stages of life. A young professional may want growth while a retired person needs a regular income. Your family responsibilities, existing savings and comfort with risk also matter.

Lakshmipathi Yelam QPFP(R)️, founder of My Financial Pages, explains this approach in his note. He suggests identifying your needs, wants and dreams before choosing investments.

First, list expenses that cannot be postponed or avoided. These include hous...