What are mutual funds?

We often see ads and promotions of mutual funds everywhere of people becoming suddenly rich or buying a sports car way out of their league. You can easily get carried away by those ads. Let’s me explain what are they?

When you invest in a specific mutual fund for a given period of time. You are handing your money over to a group of people. These people are highly skilled and experienced people with single aim of growing wealth. The money you invest is used as a capital to do so. They invest the money in stocks, forex and other assets with good return. They keep some part of the profit and the rest is credited to your account after the given date is over. Due to compound effect, these funds offer great returns when you invest in longer time period.

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