Which mutual fund is best to invest for wealth creation

Good to note that you have chosen to invest through monthly SIPs for long term wealth creation and meeting your various financial goals. With Rs 34,000 monthly SIP, you can expect to create a corpus of Rs 3.39 Crores against your investment of Rs 81.60 Lakhs in 20 years (assumed rate of return is 12% annual). Please check here https://www.advisorkhoj.com/tools-and-calculators...

You want to have a corpus of Rs 4-5 Crores after 20 years, therefore with current monthly SIPs there may remain a shortfall of around Rs 61 Lakhs - Rs 1. 61 Crores after 20 years. However you can still achieve this target if you increase your SIP annually by 10% only (increase by only Rs 3,400 per year). For example - 1st year Rs 34,000, 2nd year Rs 37,400, 3rd year 40,800 and 4th year Rs 44,200 and so on.. If you can do this, then the expected corpus could be Rs 5.39 Crores after 20 years ! Please check here https://www.advisorkhoj.com/tools-and-calculators...

You have not mentioned the target corpus for your child's education and marriage, therefore, cannot suggest anything on this excepting that you can use this tool https://www.advisorkhoj.com/tools-and-calculators... to know the right monthly SIP amount against the corpus that you are targeting for the respective goals.

You have invested in 14 funds for monthly SIP of Rs 34,000 and overall fund selection is good. You should try to minimize the total number of funds in order to monitor the performances of each fund better. Here could be some suggestions -

1. Continue with one fund, either Birla Sun Life Frontline Equity Fund or Birla Sun Life Top 100 Fund as both are large cap funds and equally good performing.

2. You may stop investing in Franklin India Prima Fund and increase the amount n Franklin India Prima Plus Fund.

3. You have invested in three balanced funds - HDFC Balanced Fund, ICICI Prudential Balanced Fund and L&T India Prudence Fund - All 3 are top performing funds, therefore, you may choose to remain invested with any one or two funds.

With above changes the total scheme number will drop to 10 from 14.

Continue with the above investments while reviewing the performances of each scheme at least once every year.

Hope you find the above suggestions useful and thank you very much for writing to Advisorkhoj.