I have a lump sum of 40 lakhs to invest for my son's higher education due in 10 years time. Where should I invest this money so that it grows to one crore in 10 years?
Maximising returns is the key here. For achieving the same, two things are required to be done. First, take a conservative route and don't invest this money at one go. Secondly, invest in an equity savings fund or a aggressive hybrid fund over the next two years and let it grow for another eight years. If you are extremely conservative go for equity savings fund. And if you can take little bit chance for higher return, then go for aggressive hybrid fund.
While planning for providing education, one must consider the inflation in education, living expenses pertaining to opportunity to study abroad and the aspirational costs. The mix of all these makes up a very sizable chunk that one must not miss.