Warren Buffett started investing in stocks only at the age of 11 and today we all know that he is among the richest people in the world.
Who doesn’t want to be a millionaire? But is it really that easy? The answer is the same. There is no shortcut to becoming a millionaire. If some investment is done systematically, then it is not so difficult. The biggest question is how to start? Warren Buffett started investing in stocks only at the age of 11 and today we all know that he is among the richest people in the world. You too can become a millionaire by saving just 30 rupees a day.
Age is 20 years, then save 30 rupees every day
If you are 20 years old, then by saving 30 rupees every day, at the age of sixty you can become a millionaire. Deposit of 30 rupees per day means 900 rupees in a month. Invest these money in SIP (Systematic Investment Plan) every month. Meaning that for 40 years, you can become a millionaire by investing only 900 rupees every month.
– Suppose Mr. X is 20 years old.
– He saves 30 rupees every day for 40 years.
– Every month, Rs 900 invests in a mutual fund.
– In mutual funds it returns at an average rate of 12.5 per cent.
– Became a millionaire after 40 years.
It’s not late
Exceeding the age of 20 years does not mean that you cannot invest right now. If you are 30 years old, then to meet the target of 1 crore, you have to deposit 95 rupees daily instead of 30 rupees.
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Can’t wait then
If you are feeling too much for 40 years, then investment is possible for less than this. In this case, the average return can be up to 12 percent. If you invest in a mutual fund dividend reinvestment plan (DRIP) for 35 years, you will get 15% return rate.
Dividend reinvestment plan
You can reinvest whatever dividend means you get dividend by investing in dividend reinvestment plan. In such a situation, the amount to be invested continuously increases and the return also increases. However, 2 to 6 percent dividend can be availed every year. It depends entirely on the type and stock of the mutual fund that the mutual fund holds.
Risk is more then 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 more.
RD is also a good choice
Bhai can become a millionaire by depositing RD of 5500 rupees every month. For this, first open an RD account in the bank and deposit so much amount in it every month. Now if you get 9 percent interest every year, then you will become a millionaire in just 30 years.
RD is also a good choice
If you want to become a millionaire in less time than this
– Rs 9000 for 25 years
– Rs 15000 for 20 years
– Rs 26400 for 15 years
– 51500 rupees will have to be deposited for 10 years.
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