If the saved money is invested somewhere instead of keeping it at home, a huge capital can be generated quickly. If women want, they can become millionaires by investing just Rs 500 per month.
Homemakers i.e. housewives have a habit of saving a lot of money in their wallet or somewhere at home. Their money is like an emergency fund which is often very useful to the family in difficult times. But the amount deposited in the wallet does not increase, rather it is often spent keeping in mind various needs. In such a situation, it is better to invest the saved money somewhere instead of hoarding it at home. There are many such schemes which give very good interest on investment. Due to compounding interest, investment money grows rapidly. Even if just Rs 500 are saved and invested every month, these women can add lakhs of rupees in a few years. Know how?
Know how you can become a millionaire
If domestic women invest even just Rs 500 in SIP, then in a few years they can add lakhs of rupees even with such a small amount. Money is invested in mutual funds through SIP. In this, the average return in long term is considered to be 12 percent, which is much better than any other scheme. If these women invest only Rs 500 every month for 10 years, they will invest a total of Rs 60,000 and can earn Rs 56,170 only from interest. In this way, by investing just Rs 500 per month in 10 years, you can add a total of Rs 1,16,170.
Rs 500 per month will become Rs 5 lakh in 20 years
If this investment is continued for 15 years or 20 years then the returns will be even better. By investing Rs 500 per month, Rs 90,000 will be invested in 15 years, but the interest on it will be Rs 1,62,288, which is much more than the invested amount. In such a situation, including the invested amount and interest, you will get a total of Rs 2,52,288. If the same investment is continued for 20 years, the total investment will be Rs 1,20,000 and the interest on it will be Rs 3,79,574. That means your interest will be more than double. Including the invested amount and interest, you will get a total of Rs 4,99,574 i.e. about Rs 5 lakh. In this way, you can make yourself a millionaire in no time with this small amount. Whereas if the investment is high, then more funds can be added more quickly.
(Disclaimer: Investments in mutual funds are subject to market risks. Do your own research or consult your advisor before investing.)
