Hello sir, I am 38 yeaas old and monthly income is 1.4 lakhs. I have a home loan EMI of 60000. I have started to invest 30000 in MF SIP one year ago. My funds are Mirae less tax saver, ICICI prudential technology direct, ICICI prudential commodities fund, Nippon india small cap, quant small and midcap, axis small cap, tata digital India, ICICI prudential Nasdaq 100 index, Mirae asset large & midcap. How much Do you think If I invest like this for 10 years with some increase every year I should be able to save. If their is any advise on funds that I am saving on.
Ans: It's commendable that you've taken proactive steps towards securing your financial future by starting your mutual fund SIPs.
Here's some advice and guidance tailored to your situation:
Investing 30,000 per month in mutual fund SIPs is a wise decision that demonstrates your commitment to long-term wealth creation.
Diversifying your investments across various mutual funds reflects a balanced approach to risk management and potential returns.
Over a 10-year investment horizon, your disciplined approach to investing can potentially lead to significant wealth accumulation.
It's essential to periodically review and adjust your investment portfolio to ensure it remains aligned with your financial goals and risk tolerance.
Consider gradually increasing your SIP contributions over time to take advantage of the power of compounding and accelerate wealth creation.
While your current fund selection appears diversified, consider consulting with a Certified Financial Planner to ensure your portfolio is optimized for long-term growth.
A professional can provide personalized advice and recommend adjustments to your investment strategy based on market conditions and your individual financial goals.
Remember, investing is a journey, and consistency, patience, and discipline are key to achieving your financial objectives. Keep up the good work, and stay focused on your long-term goals!
