Here’s how millennials can achieve financial freedom

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Achieving freedom from financial constraints and stress tops the wishlist of millennials, especially in challenging times. But questions arise such as what are the best ways for millennials to achieve financial freedom and when does one starts strategising for early financial freedom, and perhaps even retirement.

Money9 Helpline hosted Shweta Jain, founder, Investography to resolve queries on how millennials can achieve financial freedom.

Edited Excerpts

Rakesh Kumar: In which form mutual fund units are best for the long term, in Demat form or non-Demat form?

Jain: You don’t have to have mutual funds in your Demat account, if you do then it’s only an additional cost. There are non-Demat forms available for you, it is still available online where there is no need for any physical statement. So it’s not necessary to invest via a Demat account. You can also invest if you don’t have a Demat account.

Shubharata Chaudhary: Your thoughts and opinions about PGMI India Midcap and Tata Smallcap. Should I start SIP in these two funds for 15+years? As these funds have a low AUM and the fund house is also small.

Jain: If you are already investing in large-cap funds then you can look at the mid and small cap, and it’s not necessary you start it with these only. In fact, I will suggest every new investor start with the large-cap index and then move to small and midcap. You should stick to funds that have good track records and decent size AUM. I wouldn’t recommend new and small fund houses. Go for funds like Axis smallcap, SBI smallcap or a Kotak emerging equity to invest in rather than the funds you mentioned.