When investing in a mutual fund through SIP, you should already have your goal defined.
Investing in mutual funds via SIP is considered good because it benefits you from the market's ups and downs.
3. Investment Review
Regularly review your mutual fund investments. If your investment isn't providing returns, you can consider adding a new scheme.
You must be aware of the power of compounding. It takes time to reap its benefits. Therefore, do not be hasty in selling, give it some time, approximately 3 to 5 years.
5. Increasing SIP
The last and important point is that as your income increases, you should also increase your SIP. This will help you accumulate a large amount.
You can use the step-up SIP calculator available on our site. This will help you estimate how much you can accumulate in the future by increasing your SIP.
DISCLAIMER
This guide is solely for educational purposes and does not suggest any form of investment. Always contact your financial advisor before making any investment.