Crorepati Calculator: By saving daily according to your age, the journey of becoming a millionaire can be traveled. Just need to understand this trick.
Crorepati Calculator: Who doesn’t want to be a Crorepati? But is it really that easy? The answer is the same. There is no shortcut to become a millionaire. If some investments are made systematically, then it is not that difficult either. The big question is how to start? Warren Buffett started investing in stocks at the age of just 11 and today we all know that he is one of the richest people in the world. But, do you know that one can become a millionaire even by depositing only 30 rupees every day means only 900 rupees in a month. Let’s find out how…
If you are 20, then save 30 rupees daily
If you are 20 years old, then by saving 30 rupees every day, you can become a millionaire at the age of sixty. Depositing 30 rupees every day means- 900 rupees in a month. Invest this money in SIP (Systematic Investment Plan) every month. Means one can become a millionaire by investing only Rs 900 every month for 40 years.
- Suppose Mr. X’s age is 20 years.
- He saves 30 rupees every day for 40 years.
- Invests Rs 900 in mutual funds every month.
- In mutual funds, he gets an average return of 12.5 percent.
- Became a millionaire after 40 years.
- 30 years old, how much savings?
How to become crorepati in 30 years:
Crossing the age of 20 does not mean that you cannot invest now. If you are 30 years old, then to meet the target of 1 crore, you will have to deposit Rs 95 daily instead of Rs 30.
35 years investment will make crorepati
If 40 years seems too much for you, then investing for less than that is also possible. In such a situation, an average return of up to 12 percent can be given. If you invest in Dividend Reinvestment Plan (DRIP) in mutual funds for 35 years, you will get a return rate of 15 percent.
Dividend Reinvestment Plan
Whatever dividend means dividend you get on investing in it, you can reinvest it. In such a situation, there is a continuous increase in the amount to be invested and the returns also increase. However, dividends ranging from 2 to 6 percent can be received every year. It completely depends on the type of mutual fund and the stock that the mutual fund holds.
More risk, more profit
Instead of diversified mutual funds, you can also invest in small or midcap funds. They are less than 25-30 years, but if the risk is high, then the benefit is also high.
RD also good option
One can become a millionaire by depositing RD (Recurring deposit) of Rs 5500 every month. For this, first open an RD account in the bank and deposit this amount every month in it. Now if you get 9 percent interest every year, then in just 30 years you will become a millionaire.
If you want to become a millionaire in less time then
- Rs 9000 for 25 years
- Rs 15000 for 20 years
- Rs 26400 for 15 years
- Rs 51500 for 10 years.
