Mutual funds, Aug. 27 -- If you are a new investor and have just started experimenting with mutual funds, it is vital for you to chart out a full-fledged investment plan that aligns with your financial goals-both short-term and long-term.

There are broadly three categories of mutual funds - equity, debt and hybrid.

Equity: These funds include different types such as focused mutual funds, sectoral funds, large cap, mid cap, small cap, value funds and contra funds.

Debt: These funds include money market funds, liquid funds, overnight, corporate bond, long-duration funds, liquid funds and ultra-short duration funds.

Hybrid: These funds include multi-asset allocation, balanced hybrid, dynamic asset allocation, aggressive hybrid, conservat...