Investing with a goal-based plan was a very good decision as it helps understand your financials and limitations.Assuming an average return of 12 per cent, you need to invest around Rs 3,887 per month. You can invest in a balanced fund like Motilal Oswal MOSt Focused Dynamic Equity Fund, as your investment horizon is short. This fund will balance your risk with returns.Since you have a long horizon for creating funds for child's education and retirement, you can invest in small and midcap funds. You can consider investing in SBI Small and Midcap Fund and Franklin India Smaller Companies Fund.For education fund, you should invest Rs 5,270 per month if you can make an average return of around 12 per cent on your investment. To create the retirement corpus of Rs 4 crore in 30 years, you should consider investing Rs 11,332 per month, assuming you can make an average return of around 12 per cent on your investment.

Source: Economic Times July 12, 2017 09:11 UTC