I am a 30 year old individual currently earning approx 1.1 Lakhs (in hand) monthly.
I am currently investing in 2 tax savings funds (under 80C) - Parag Parikh Tax Saver Fund and Quant Tax Plan (Each 3500 INR per month). Total is 7000 per month in tax savings ELSS. (Remaining in 80C is covered from EPF and term insurance premium). Please tell me if I should continue these 2 funds or you have a better suggestion. In case of suggestions, please share the fund to be replaced with which fund.
Also, I am investing in 4 non-tax savings funds - SBI small cap, Nippon India small cap, ICICI prudential bluechip fund, Axis Mid cap Fund (each 2500 INR that is total of 10000 INR per month). I want to continue investing for a long time. I can increase the amount from 10000 to 15000 monthly. Please suggest if I should continue these SIPs or you want to change and give some suggestions. In case of suggestions, please share the fund to be replaced with which fund.
Ans: For tax-saving investments, it's wise to continue with the Parag Parikh Tax Saver Fund due to its consistent performance and diversified portfolio. However, consider replacing the other tax-saving fund with a more established option like a well-rated ELSS fund for potential higher returns.
As for non-tax saving funds, your current selection is diversified across different market segments, which is good. To enhance your portfolio, you might want to consider adding a flexi-cap fund to gain exposure to various market opportunities. Increasing your SIP amount is also a good move for long-term wealth accumulation.
