Which mutual funds to invest for my child’s education?

I am 37 years old. I want to start SIPs in mutual funds. My goals are: child’s education (right now my child is five years old) and creating a retirement fund. Could you please suggest where should I invest?
--Kamal Khandelwal

Since you are planning to invest via SIPs to achieve long-term financial goals like child’s education and your retirement, you may consider investing in equity mutual fund schemes in line with your risk profile. Since you have not shared your risk profile, it is not possible to choose specific category of schemes for you. You may look at our recommended equity mutual fund SIP portfolios. You may choose a choose a portfolio based on your risk profile and SIP amount. Read: Best mutual funds to invest in 2018

Always quantify your financial goals and put together an investment plan to achieve them. For example, if your child’s higher education costs Rs 10 lakh now, find out how much it will cost after 15 years. You may use a realistic number to inflate the figure. Once you know the target corpus, it is easy to find out how much you need to invest every month to achieve it after 15 years or so. Follow the same method to find out the target retirement corpus, too.