IMO, if you are looking at long term investing (5 year plus horizon) temporary corrections should not really matter. So you should seriously consider deploying your cash as its giving you negative returns sitting in your bank account. You can reduce your risk (somewhat) by dividing your total cash into 12 equal installments and start investing thru monthly SIP in a basket of MFs with an allocation of 35% in Large & Mid cap, 25% in Mid / small cap, 20% in an index fund and 20% in a hybrid / multicap fund. This should fairly diversify your portfolio. If you are really confident with your stock picking abilities, you can forego the index funds and use that for direct investments. With this strategy, you will not miss out if the market rises and average out if the market corrects but you will atleast be in the market and make money going forward. You can even do the SIP bi-monthly or more as per your comfort to further fine tune the deployment.
Coming to your gold investments, I would suggest not to increase allocation or as others have suggested, wait till after your marriage to take a call on that. Gold as an asset class is traditionally a hedge rather than an investment and there are many other instruments offering a 10% return with capital protection. I notice you are also invested in SIlver. Whats your outlook with that investment?
On your direct equity investments, I will suggest to keep them at max 20% of your portfolio and take some calculated risk with those to generate a higher return as you are already taking professional help with your MF investments so there is no point taking on the same types of stocks in your direct portfolio as well.
Hope i have been able to help. I should congratulate you on starting your investment journey so early in life. Wish you all the best.
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