I have been investing Rs 5,000 per month in each of the following schemes: Mirae Asset Tax Saver Fund, DSP Tax Saver Fund, L&T Equity Fund. I have started SIP in this fund last month only. Are these good funds for long duration?
You should ask this question before investing in mutual funds. Once you have made the decision, learn to live with it. If you ask a general question in mutual fund forum, you will get a standard answer. It may or may not be entirely applicable to you as your personal details are missing from the question. Always remember rectifying an investment mistake in mutual funds involve cost: exit load and capital gains tax. So, make it a point to clear all your doubts before investing in mutual funds.
You are investing in good schemes. You may continue with them. Make it a point to review your portfolio at least once or twice a year.
Adopt a goal based investing strategy. Identify your goals and quantify them. Provide for inflation and taxes to arrive at a realistic target. Once you know the target, you can calculate how much money you need to invest every month to achieve them. Stick to debt funds to meet short-term goals, and equity funds to achieve long-term goals.