How To Become Crorepati: There are many types of investment and savings options. Mutual funds, fixed deposits, stock market, etc. But do not understand which option to choose to achieve your goal. If your goal is to become a millionaire, then through SIP you can achieve these goals.
New Delhi: How To Be Crorepati: Everyone wants to be rich, but no one wants to do planning for it. If you see all the successful nobles of the world, then they learned the tricks of investing at a very young age. Warren Buffet is the biggest example of this. Who started investing only from the age of 11. His investment tips are considered as Guru Mantra worldwide.
SIP in MF can become millionaire
The first formula to become a millionaire is to start saving and investing from an early age. Because the sooner you start investing, the more you will earn. Here we are going to explain how to become a millionaire in Mutual Funds through SIP i.e. Systematic Investment Plan.
Millionaire on investment at age 25
Suppose you are 25 years old and after saving 50 rupees per day you have started investing it in mutual funds through SIP. So by the age of 60, you will become a millionaire. That is, for a full 35 years, you can collect a large amount by saving just Rs 50 daily.
Income Tax Refund: Tax refund has not been received, know what could be the reason?
50 rupees a day means 50X30 = 1500 rupees a month.
Mutual funds give an average return of 12-15%.
Suppose you got 12.5% return over a long investment period of 35 years.
(A)
SIP Amount 1500 / Month
Estimated Return 12.5%
Investment Period 35 years
Total Investment Rs 6.3 Lakh
Total Value Rs 1.26 Crore
Millionaire on investment at age 30
That is, by saving 50 rupees a day, you will become the owner of Rs 1.2 crore by the age of retirement. Now suppose that you start investing at the age of 30. So your investment period will be reduced to 30 years.
(B)
SIP Amount 1500 / Month
Estimated Return 12.5%
Investment Period 30 years
Total Investment Rs 5.4 Lakh
Total Value Rs 59.2 Lakh
5 years will be delayed
That is, if you start investing only 5 years late, then you lose about 40 lakh rupees. Because when you start investing at the age of 30 years, the age of retirement means Rs 59.2 lakh in 60 years. While at the age of 25, this amount is Rs 1.2 crore. If you want to become a millionaire in 30 years, then you have to save Rs 106 daily, that is, you have to invest Rs 3200 a month. Then you will be able to earn 1.2 crore rupees after 30 years. Meaning you have to double the investment. It is called the wonder of compounding. Because you get interest on your investment interest.
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