I am 29 and will be a father soon. I wish to build a corpus in order to procure a sizable amount for the down payment of a home in the next five years and a corpus to secure my child's future. I plan to invest Rs 6,000 in ICICI Prudential Focused Bluechip Equity, Rs 5,000 in HDFC Top 200 and Rs 4,500 in IDFC Premier Equity Plan through monthly SIPs. I can invest additional Rs 3,000 every month. Please let me know if the above selection is correct.
—Manjit Singh
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You have shortlisted three good funds that are highly rated, have a proven track record and performance history and offer diversification to the portfolio. However, you need to spell out your financial goals better; for instance how much down payment you need for the flat you wish to buy five years from now and, likewise, how much you wish to accumulate for your child's future education and in which year. Once you quantify these goals, it will help you track the progress of your investments and also consider investing the additional needed, if at all.
This article was originally published on September 13, 2011.
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