How to become Crorepati: According to the investment advisor or financial planner, if you want to become a millionaire or want to see your own money in crores, then equity mutual funds can be a good option.
How to become Crorepati: Everyone aspires to become a millionaire. But, successful is the one who goes to make money with his money. Many big investors believe that to become a millionaire, you have to put your money to work. Understand the nuances of investing and keep increasing your savings. Those who put their savings in investments, their money grows continuously and in a few years they are also called crorepatis (How to become crorepati). Let us understand how your investment made by saving only 100 rupees will fulfill your dream of becoming a millionaire.
Long term investment strategy
Long term strategy works best to become a millionaire. Estimate some important expenses from your income and then make a habit of saving only Rs 100 a day. You have to invest this savings in investments. The question arises where to invest. Do research and see which are the best instruments for investment. Instruments that will continuously increase your investment. One of these is mutual funds. In this also it is necessary to find the right option.
Invest in SIP of Equity Mutual Funds
According to an investment advisor or financial planner, equity mutual funds can be a good option if you want to become a millionaire or want to see your own money in crores. If an investor makes his first investment of Rs 3000 at the age of 30 and remains in regular investment for 30 years, then the dream of making crores will definitely be fulfilled. For this, investing in Systematic Investment Plan (SIP) of Equity Mutual Fund is more beneficial.
Now understand how to become a millionaire soon?
According to experts, investing in mutual funds for 30 years, gives an estimated return of 15 percent, then the road to becoming a millionaire becomes easy. Compounding works in this. With a fixed 15 percent in 30 years, the benefit of compound interest will also be available. But, here’s a trick to keep in mind. Step Up SIP. This means a step-up rate of 10 per cent will have to be maintained every year. Not only this, their savings amount will increase to crores.
Understand the trick to become a millionaire?
Invest in SIP monthly with Rs 100 saved every day. Set an investment target for 30 years under a long term strategy. Now keep adding 10% step-up rate every year. If you start with Rs 3000 then you will have to increase it by Rs 300 next year. After 30 years you will have maturity amount of Rs 4,50,66,809. According to the mutual fund calculator, your total investment in 30 years will be Rs 59,17,512. But, here the wealth gain will reach 3,91,49,297. Here the returnee will play his game. In this way you can become a crorepati by using the trick of step-up rate.
