Can I make Rs 60 lakh in 10 years with my mutual funds?
I am 24 years old. I have just started investing in mutual funds. I have a time horizon of 10 years and want a corpus of 60 lakh. I have a moderate risk profile.
Presently, I have invested Rs 2,500 each in ICICI Prudential Value Discovery Fund, L&T India Large Cap Fund, Kotak Standard Multicap Fund, ABSL Pure Value Fund and L&T Emerging Businesses Fund. I am also investing Rs 1,500 each in HDFC Midcap Opportunities Fund, and L&T infrastructure Fund per month.
Kindly advise.
--Shrikant Nawani
Jitendra Solanki, founder, JS Financial Advisors, responds:
For accumulating 60 lakh rupees in 10 years, you need a monthly investment of Rs 27,000 if you earn 12 per cent on your investment. This may not be within your resources. So, rework on your goals and invest accordingly. The mutual funds you have selected are good. But do not add too many funds. Limit your portfolio to maximum 4-5 funds from different categories such as large cap, multi cap and mid cap.
Presently, I have invested Rs 2,500 each in ICICI Prudential Value Discovery Fund, L&T India Large Cap Fund, Kotak Standard Multicap Fund, ABSL Pure Value Fund and L&T Emerging Businesses Fund. I am also investing Rs 1,500 each in HDFC Midcap Opportunities Fund, and L&T infrastructure Fund per month.
Kindly advise.
--Shrikant Nawani
Jitendra Solanki, founder, JS Financial Advisors, responds:
For accumulating 60 lakh rupees in 10 years, you need a monthly investment of Rs 27,000 if you earn 12 per cent on your investment. This may not be within your resources. So, rework on your goals and invest accordingly. The mutual funds you have selected are good. But do not add too many funds. Limit your portfolio to maximum 4-5 funds from different categories such as large cap, multi cap and mid cap.