Investment Tips: If you start with Rs 5000 per month, then in a few years you will realize that to be financially independent, you do not need a huge amount of money but a strong willpower.
Investment Tips: Money is not saved, then how to save? Some people always repeat this, while some people say that saving 2-5 thousand rupees in this inflation is not going to help. If you also have the same problem that despite having a job, money is not being saved, then it is your fault. What is the guarantee that you will save money after the salary increases?
Especially if you are in a private job and are not serious about saving, then this is a warning bell for you. You need to think seriously about this. Because time does not wait for anyone, so if you are aware about the future, then you will have to implement it in the present itself.
Formula to become a millionaire?
Actually, in today’s date, there is a need to look at the future in two ways. First – house, car, children’s education etc. after 10 years from today. Second – retirement, this is more important for those in private jobs, because when you will not be in the job, then how will the needs be fulfilled? Because if you are young now, then old age will also come. But to avoid problems in old age, especially financially, everyone should take timely steps.
When you take the first step of investing, then the goals will automatically become easier. In this fast-paced life, everyone wants to become rich, but for this, one needs to be aware of investment. It is true that becoming a millionaire is not a difficult goal in today’s era. You can reach the target by adding small amounts.
Today we are going to tell you that if you save Rs 5000 every month, then in how many days will you become a millionaire. For a middle-income person, saving Rs 5000 every month is not a difficult task. Start with Rs 5000, then in a few years you will know that to be financially self-reliant, you need not have a huge amount, but strong willpower.
Let’s understand the calculation
Let’s explain the whole math that how you can reach the goal. Where to invest money for this? Today everyone is aware of Mutual Fund. You can start SIP in mutual funds by investing just Rs 500 per month, SIP is a way of investing in mutual funds.
In such a situation, when you do SIP of Rs 5000 every month in mutual funds, and if you get 15% return annually on it, then after 22 years you will become a millionaire. You will have a total of Rs 1.03 crore. While in these 22 years you will deposit a total of Rs 13.20 lakh.
If you get an annual return of 17%, then by investing Rs 5000 per month, you can raise Rs 1.01 crore in just 20 years from mutual funds. Not only this, if you start investing with Rs 5000 per month and increase it by only 10% annually, then even at the rate of 12% annual return, you will have Rs 1 crore after 20 years. That is, if you do SIP of Rs 5000 per month from now, then in the year 2044 you will become the owner of just Rs 1 crore.
If you do monthly SIP of Rs 5000 per month and the investment increases by 10% annually, then you get 15% annual return on it, after 20 years you will get a total of Rs 1,39,18,156. While during this time you will invest a total of Rs 34,36,500. However, this has been calculated on the basis of only 5000 rupees per month, which can be done by those who earn at least 25 thousand to 30 thousand rupees every month. If the investment amount is doubled, then naturally the returns will also double, so you can understand the power of SIP.
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