How To Be Crorepati: There is an old saying, money attracts money. This formula is so effective that if you implement it in your life in the right way, then you can become a millionaire too. For this you will not even need to spend a huge amount, just with 50 rupees per day, you can become a millionaire.
There are only two principles to become a millionaire, the first is to start as soon as possible. Second, keep investing for a long period of time with patience. Seeing all the successful nobles of the world, they had learned the tricks of investing at a very young age. Warren Buffet is the biggest example of this. Those who started investing only at the age of 11. His investment tips are considered as Guru Mantra across the world.
You can become a millionaire through SIP in MF
The first formula to become a millionaire is to start saving and investing from an early age. Because the sooner you start investing, the more profit you will be able to earn. Here we are going to explain how to become a millionaire through SIP i.e. Systematic Investment Plan in Mutual Funds.
Millionaire on investment at the age of 25
Suppose you are 25 years old and you have started investing it in mutual funds through SIP by saving Rs 50 a day. So by the age of 60 you will become a millionaire. That is, for the entire 35 years, you can collect a huge amount by saving only 50 rupees daily.
Rs 50 per day means 50X30 = Rs 1500 per month.
Mutual fund gives an average return of 12-15 per cent
Let’s say you get 12.5 per cent return over a long investment period of 35 years
(A)
SIP Amount 1500/month
Estimated Return 12.5%
Duration of Investment 35 Years
Total Investment Rs.6.3 Lakh
Net Value Rs.1.1 Crore
Millionaire on investment at the age of 30
That is, by saving Rs 50 a day, you will become the owner of Rs 1.1 crore by the age of retirement. Now suppose you start investing at the age of 30. So your investment tenure will come down to 30 years.
(B)
SIP Amount 1500/month
Estimated Return 12.5%
Duration of Investment 30 Years
Total Investment
Rs.5.4 Lakh Total Value Rs.59.2 Lakh
5 years delay will be heavy
That is, if you start investing late by just 5 years, then you have a loss of about 40 lakh rupees. Because if you start investing at the age of 30, the retirement age means Rs 59.2 lakh in 60 years. Whereas at the age of 25, the same amount is Rs 1.1 crore. If you want to become a millionaire in 30 years, then you have to save Rs 106 daily, that is, you will have to invest Rs 3200 per month. Then you will be able to earn Rs 1.1 crore after 30 years. Meaning you have to double the investment. This is called the wonder of compounding. Because you get interest on the interest of your investment.
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