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Short term (1 Year) can include taking your family for a Vacation to Dubai/Singapore, Buying the latest Iphone
Mid Term ( 2 - 5 Years) can include Buying a Car, setting up your independent office, renovating your house etc
Long Term (10 years or more) - Buying Your Own House, creating a corpus for kids ( assuming you would like to start a family), retirement plans.
Basis the aforesaid, you can divide your income and start investing in instruments which give you return atleast 10% or above. You can start an SIP in equity Funds, (you can browse Kotak Mutual Fund's Website, SBI, HDFC, Motilal Oswal, White Oak) to get an idea about the estimated returns in 3 - 5 - 10 year period. Invest a minimum of 10K per month into Mutual funds to get substantial returns. I would however advise you to keep your personal expenses to minimum - <5k a month.
You may also consider investing in stocks of Blue Chip Companies - Axis Bank, IRCTC, BSE, CDSL, Reliance, HDFC, Kotak - (May by 5-7k a month)
Once in 3 months, you may buy a biscuit, keeping in mind the prices of gold