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I work for a private company. I would like to amass a sum of 15 lakh in 10 years. Please share the best mutual funds of 2021 or any other option that can help me achieve my goal.

—Sandeep K.K.

To reach 15 lakh in 10 years, you need to save about 21,000 a month, assuming a reasonable 12% return.

If you do not have market knowledge or the time to track markets, it is best to use the mutual fund route. There are no ‘best funds for 2021’ or any other year. Good, quality mutual funds are those that you can and need to hold for the long term to build wealth.

For the sum you plan to invest each month, allocate to the following funds: Parag Parikh Long Term Equity (25%), Kotak Flexicap (25%), DSP Midcap (25%) and ICICI Prudential Corporate Bond (25%).

This gives you a 75:25 equity to debt allocation, which is reasonable for those with a moderate risk profile and a 10-year timeframe. Review your portfolio and where you stand in relation to your goal every year and make any modifications if necessary.

Srikanth Meenakshi is foun-ding partner, PrimeInvestor.

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