Financial expert Mrin Agarwal urges goal-oriented investing for maximum returns

The mutual fund industry's resilience and growth demonstrated in 2023 have laid the groundwork for a promising 2024. With robust returns across various categories and a positive outlook driven by strategic investment approaches, the industry continues to be an appealing avenue for wealth creation and goal-oriented investments.

According to Mrin Agarwal, Financial Educator & Director of Finsafe India, investing any amount of money should always be goal-based. Selecting the right instrument depends on the investment's timeframe and purpose.

For instance, investing in equities may not be suitable for a short-term goal due to volatility. Agarwal emphasizes the importance of choosing the appropriate instrument to ensure the desired outcome, especially in areas like retirement planning.

Agarwal highlights retirement as a crucial goal for everyone, emphasizing the need to save for a time when one is no longer working. She stresses that retirement planning extends beyond day-to-day expenses, encompassing mental engagement and discretionary spending. Additionally, Agarwal mentions other common goals, such as children's education expenses and purchasing a house in the short term.

For young investors, Agarwal advises selecting a good mutual fund and sticking with it. She specifically recommends a simple index fund, emphasizing its effectiveness for this demographic.