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For first-time investors, mutual funds might be tricky to understand. It could be just as confusing as driving in a new city without a GPS. One will need to ask passersby what direction to take, where to turn etc etc. it will be a perpetual task.
Mutualfundwala is the GPS here. We shall answer all your queries and navigate you to your destination.
Till you find your way here are eight easy steps to follow to reach your destination.
Set your financial goals
Answer a simple question first. What are your financial goals? Do you wish to plan for a grand wedding, a vacation, retirement, education, a dream home, or anything else? The answer to these questions will help you navigate your journey better.
Learn about Mutual Funds
Remember when you had to choose your subjects at school? Similarly, you must select funds based on various factors; like risk, return, tenure, etc.
Start educating yourself about various types of funds.
How Much Are You Willing To Risk?
Determine how much risk you are willing to take. Different mutual funds have different levels of risk. So, when investing in mutual funds, one must stay within his financial comfort zone.
Pick Your Fund
Now, select a company with reputable funds. Consider the funds that are fit for your financial goals and needs. Go over its previous performance and evaluate it. When investing in mutual funds, it is recommended to get expert advice.
Be aware of the fees associated with mutual funds, including expense ratios, front-end loads, and back-end loads. Lower prices can significantly improve your overall earnings.
Create an Account
Open an account with the fund company or financial institution of your choice. This can often be done online or through a financial adviser.
MutualFundWala helps you open an account with easy documentation.
Ensure that KYC is completed either by an online platform or with the help of a broker. You can also check your KYC at www.cvlkra.com
Get, Set, Go
Now that your account has been set up, you can invest in your chosen funds. Avoid impulsive purchases. Speak to Mutualfundwala at +9198914 67575.
Keep An Eye
Monitor your investment from time to time. Make modifications, such as switching funds, withdrawing, or investing more. It is essential to diversify the portfolio over time.
Frequently asked questions (FAQs)
Are mutual funds and SIPs the same?
SIP, or Systematic Investment Plan, is an investment in mutual funds at regular intervals, monthly/quarterly. Investors pool money and invest in a particular scheme known as mutual funds. When you invest in those mutual funds monthly/quarterly, that is called SIP.
Where can I see all my funds?
CAMS and Kfintech are two platforms where an investor can see all the mutual funds invested. MutualFundWala provides you with a platform where you can see all your mutual funds through eCAS.
Can mutual funds run away?
Mutual Funds is a trust business in India. It is regulated by SEBI and AMFI. It is uncertain that mutual funds run away with investors money.
Can mutual funds give monthly income?
Certainly, certain mutual funds offer monthly dividends to investors. Additionally, investors can choose the Systematic Withdrawal Plan (SWP) to get regular income.
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