Can I invest in Nippon India Nivesh Lakshya and Kotak Gold Fund?
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Should I invest in Reliance Nivesh Lakshya Fund and Kotak Gold Fund for my short term goals? Also, is P2P good for short term?
Vishal Dhawan, Founder, Plan Ahead Wealth Advisors, responds:
Both the schemes, Reliance Nivesh Lakshya Fund (now, Nippon India Nivesh Lakshya Fund) and Kotak Gold Fund, are designed for long-term investments. Long-term bonds and gold can be volatile in the short term. For your short term goals, you can invest in a low duration fund like ICICI Prudential Savings Fund.
Peer to Peer (P2P) is a form of lending that is fit for investors who have already built up a wealth cushion through other products like debt mutual funds and bank deposits, and looking to supplement that portfolio with returns that could potentially deliver a higher return - albeit with a higher level of risk.
You may add P2P to your portfolio once you have built the cushion. You may invest in a multi cap fund and an index fund for your long-term wealth creation. I would recommend HDFC Equity Fund and IDFC Nifty Fund for your long-term goals.