I have been following your blog/forum for quite some time now and it has enhanced my knowledge about financial planning a lot. But as its said i keep on reading and reading and not doing anything so i finally decided to take a dive in uncertain waters and i am sure advisors like you people i am going to sail through.
to start with i am married and working in mumbai with monthly income of 1 Lakh.
have liabilities of around 70k a month (till 2015) and monthly expenditure of 20k
of the remaining 10k i have started 5k a month for PPF and the other 5k i would like to invest in Mutual funds through SIP route
I Plan to increase my investment in mutual funds yearly basis eg 5k this year then 6k next year and so on.
I have 2 goals In mind for now
- Brother’s Marriage (3 years)
- Buying a flat (5-7 years)
My querries are
- What kind of mutual funds are best suited for these 2 goals?
- Are direct mutual funds same as regular mutual funds in terms of performance because not much trend is available since it has been only 4-5 months for direct funds?
- What are the things to keep in mind when buying a SIP?
- I do not have a Demat account and am not KYC compliant i am unable to buy SIP online, I went to my bank ICICI with the KYC forms filled with all proofs etc but they asked the reason for submitting this and on explaining that i want to buy SIP later they told that the SIP forms will have KYC forms in it and its of no use submitting here you will have to go to the ICICI-Prudential office is that true or the fellow just did not want to entertain me because i did not want to take his GSIP (Gauranteed Savings Insurance Plan).
I have done a bit of research of my own and come up with 3 SIP Mutual funds and would like your views on it and suggestions if you have pertaining to my goals.
- Franklin India Taxshield Direct (Growth) [invest SIP Rs. 2000 monthly]
- SBI Emerging Businesses Direct (Growth) [invest SIP Rs. 2000 monthly]
- ICICI Prudential Tax Plan Direct (Growth) [invest SIP Rs. 1000 monthly]
Thanks a Lot