Everyone thinks of saving some money along with the job so that even they would not be in financial crisis in future. But it is not possible just on the basis of a job; for this, you must start saving at the right time. But this cannot be achieved absolutely overnight, and there is no shortcut formula to get rich. Yet, no one could stop you from becoming rich by saving a small amount daily and investing this in the right place.
Today’s digital age has made it easy to make a large fund. In today’s generation, people are investing time in stock markets to multiply their money in a short time by at least two or three times. However, if you want to avoid such market risks, mutual funds can be a better option. Only by investing Rs 100 each day into a Systematic Investment Plan will a person turn into a millionaire.
Investment Plan
You might not be able to believe this, but here we are going to tell you a detailed study of how and how much you have to invest by SIP to become a millionaire and how long it will take.
If you have to fulfill the dream of becoming a millionaire, then don’t just save a lot; even Rs 100 every day will do. Then use this money from your saving for mutual fund SIP investment. Mutual funds give you an average return of mostly around 12 percent. However, it is average only as the returns keep changing frequently, depending on the time frame, and are thus more or less.
Become a Millionaire
Every month, you would have been saving Rs. 3000 if you had saved Rs. 100 daily. But you start investing this 3000 rupees into mutual funds SIPs. Now, if you can invest this same amount for a continuous period of 30 years, you will have invested a total of Rs. 10,80,000 in 30 years.
So, based on the SIP calculator, it says that Rs. 3000 a month for 30 years according to the 12 percent return, this will finally total up to Rs. 10,80,000. Now, when you add in the return, suddenly, you are at the whopping total of 95,09,741, making your total money a staggering 1,05,89,741. To make this math much easier, you can very well check it yourself by making use of the SIP Calculator. Thus, you can create pretty much any sum and fulfill the dream of being a millionaire simply by investing in mutual funds.
However, SIP is a very good approach under which you can save money for long periods. Always know that you should consult a financial advisor before investing in any of these schemes. More information regarding this can be accessed by getting in touch with a financial advisor.