New Delhi:  Are you dreaming of taking your family on a Disney cruise, buying a luxury car, or sending your child to the US for higher education? If yes, it can be achieved through financial freedom. Financial freedom means having the resources and stability to turn dreams into reality in life, without worrying about constantly earning money. However, raising money for retirement, holidays, education, or luxury living is not an easy task.

Job security is no longer guaranteed, and even stable employment is less likely to see growth. Economic instability and market volatility are leading to financial instability. Inflation and rising living costs are eating into your savings and disposable income, making it difficult to do long-term planning, save, and invest with confidence.

In such a situation, it is necessary to consider a solution. For stable income, 'Freedom SIP' offered by ICICI Prudential Mutual Fund is an effective option. It is a Systematic Investment Plan (SIP) through which the investor regularly invests in a source plan, preferably an equity plan.

Let us tell you that equity has given better long-term returns with excellent risk-adjusted returns. Keeping in mind the choice of the investor, the investment period in this plan can be up to 8, 10, 12, 15, 20, 25, and 30 years. On completion of the SIP, the entire corpus is transferred to a target scheme. Usually, the target scheme is a fund where equity exposure is low, which reduces volatility. Another advantage of this is that the investor gets monthly income through Systematic Withdrawal Plan (SWP).

Freedom SIP is a concept that can help achieve financial freedom. For example, if an investor invests Rs 10,000 per month through SIP for 10 years, his default SWP amount can be Rs 15,000 per month. If the investment is extended to 30 years, the default monthly SWP amount can reach Rs 1.2 lakh.

The benefits of Freedom SIP increase with the amount invested and the investment period. For example, a Rs 20,000 monthly Freedom SIP with a tenure of 8 years can provide a consistent SWP of Rs 20,000, while a Rs 5,000 per month Freedom SIP with a tenure of 20 years can yield a SWP amount of Rs 25,000 on maturity.