Am I investing enough for my child's education and marriage?

I am a newly married person having monthly saving of Rs 30,000 post EMI and household expenses. I want to invest around Rs 20,000 in mutual funds through SIP starting next month for long term. I want to invest for my child's education, his/her marriage and retirement plan. I am also planning to invest Rs 10,000 directly in equity. I have selected the following funds. Please review my fund selection.
1. Mirae Asset Emerging Bluechip Fund: Rs 5,000
2. Aditya Birla Sun Life Pure Value Fund: Rs 5,000
3. SBI Small & Midcap Fund: Rs 3,000
4. L&T Emerging Businesses Fund: Rs 3,000
5. Motilal Oswal MOSt Focused Multicap 35 Fund: Rs 2,000
6. L&T Infrastructure Fund: Rs 1,000
7. Tata India Consumer Fund: Rs 1,000 per month
--Vishal Vaibhaw

Deepali Sen, Founder, Srujan Financial Advisors, responds:

Your choice of the mutual fund schemes is heavy towards, midcap and smallcap and thematic ideas. Nearly 90 per cent of the investible surplus is meant for mid, small and thematic ideas, which in any market level can be too risky. Exposure to mid and smallcaps should not be more than 15 to 20 per cent. Also, diversification across seven mutual fund schemes is way higher than needed.

Limit your investments to four schemes. Avoid investing in mid and smallcaps in current times as they are too overvalued. Avoid investing in thematic funds as their investing universe is limited. I'd suggest the following funds you could look at investing. You could distribute your investment surplus evenly amongst Aditya Birla Sun Life Frontline Equity Fund, Motilal Oswal Most Focused Multicap 35, Franklin India Prima Plus and ICICI Prudential Focused Bluechip Fund.