I wish to generate Rs 50,000 in the next six months. How much money should I put in an SIP in order to generate this amount? Will Rs 6,000 be enough every month?
If you could increase your monthly investment to Rs 8,000, you are more likely to reach your goal
I wish to generate Rs 50,000 in the next six months. How much money should I put in an SIP in order to generate this amount? Will Rs 6,000 be enough every month?
Suresh Acharya, Mangalore
You are looking for a very short timeframe to invest and reach your target. Given the time frame, it is unlikely to achieve your goal. If you could increase your monthly investment to Rs 8,000, you are more likely to reach your goal. You can invest in short-term debt funds such as ICICI Prudential Short-term Income funds to reach your goal. Be aware that there will be tax implications if you redeem the money in such a short period of time as well.