New Delhi, Aug. 21 -- A new job, a salary hike or simply the decision to start investing often leads to the same next step: setting up an SIP. Then comes the harder part. With so many mutual fund schemes available, how does an investor decide where that monthly investment should actually go?

Searching for the best mutual fund may seem like the obvious approach. But there is no single fund that can be labelled "ideal" for every investor. A scheme that makes sense for someone investing towards a goal 15 years away may be unsuitable for someone who expects to need the money much sooner.

Choosing well, therefore, starts with the investor rather than the fund rankings.

Before comparing schemes, give the money a job.

The goal could be build...