How to invest for education and marriage needs of your children?
My father has gifted my daughter Rs 1 lakh. Please suggest how to invest this sum for her future education and marriage needs.
Ashok TR, Chennai
You should use this money to create a sizeable corpus for her future by investing regularly through SIPs in mutual funds. Considering the goal is a good 10-15 years away, start investing in funds from the OLM Elite stable category like Birla Sun Life Frontline Equity, Mirae Asset India Opportunities or HDFC Equity.
You can deposit the Rs 1 lakh in your bank and start an SIP in any two of the mentioned funds for a monthly sum that you are comfortable with for the long term. Make sure to invest regularly and also track the performance of the fund that you have invested in regularly to assess its progress towards your financial goals.