Good morning Joshiji, My son, who is 30 years now, will be completing his PG in medical course. Possibilities are bright to get absorbed in reputed medical field and initially may get around 80K/month as salary.
He intends to have a corpus of 1 crore in 7-10 years. If so, how much should he invest every month and in which category of Mutual fund which have easier redemption possibilities at the time of necessity. Thanks in anticipation. I am MN Rajan, his father.
Ans: Hello Nagarajan Ji! Thank you for writing to me. A hearty congratulations to You and Your Family!
For him to create a corpus of Rs.1 Crore in 7 years, he will need to invest around Rs.78,000 per month and to create a corpus of 1 Crore in 10 years, he will need to invest Rs.45,000 every month.
He can consider investing in a mix of mutual fund types like:
1-Small & Mid Cap Funds (Around 30% weight)
2-Multi Asset Funds (Around 20% weight)
3-Aggressive Hybrid Funds (Around 30% weight)
4-Flexicap Funds (Around 20% weight)
Annually steeping up his SIP will help him create the Rs.1 Crore corpus faster.