I am working with a PSU Bank. I am 30 years old and I earn around ₹80,000 per month. I am investing in mutual funds through Systematic Investment Plans (SIPs): ₹2,000 in Axis Long Term Equity (ELSS) and ₹1,000 in Mirae equity mutual fund. I have a target of ₹2 crore after 30 years. Please tell me what should be my monthly contribution? Also, suggest some good equity funds?
- Mohit Sharma
You can invest in a top-rated diversified equity scheme to build a corpus of 2 crore after thirty years. If you invest around 5,750 per month and if your investment earns around 12 per cent per year, you will have a corpus of ₹2 core at the end of 30 years. If your investment grows at 9 per cent per year, you will have to invest around ₹11,000 to create the corpus. Here is a list of our best diversified equity schemes.
Having said that we don't think investing is about setting a target and investing to achieve it. Financial planning is not just Investing. For more information, read: First things...
This article was originally published on December 28, 2015.
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