Everyone dreams of becoming a millionaire. It is very difficult to make this dream come true in the situation of low earning. If you start investing at the right time, after a few years you will become a millionaire. Today we will tell you about how to become a millionaire by saving 95 rupees every day.
What is the way: To become a millionaire with modest savings, it is right to invest in SIP (Systematic Investment Plan). Instead of depositing your money in a lump sum in SIP, you can deposit it on fixed installment basis every month.
According to Axis Bank’s SIP calculator, if you invest Rs 2,861 every month, then after 30 years you will get an amount of Rs 1 crore. If we look at every day, then saving of Rs 95 is necessary. With this savings, you can become a millionaire after three decades by paying an installment of Rs 2,861 on a monthly basis. The estimated return for this has been fixed at 12 per cent. However, variation in returns is possible. The investor can also get higher or lower returns.
What is SIP: Explain that Systematic Investment Plan is a disciplined way of investing. In this you can invest a fixed amount on monthly, quarterly, half yearly or yearly basis. You can also decide on your own investment amount, years of investment by planning for different life goals. You can increase or decrease the SIP amount from time to time.
