SIP Calculator: Do you also want to become a millionaire. If you ask these questions to people, then most of the answers will be yes. But all personal finance experts say that there is no shortcut to becoming a millionaire.
For this it is most important to choose the right way and path. If you invest your money in the right place then your goal of becoming a millionaire can be achieved soon.
Mutual funds have emerged as the preferred investment option in the changing investment trade. Investment in Mutual Funds SIP is similar to RD in a bank or post office. You can become a millionaire by saving only 1000 rupees a month.
SIP in Mutual Fund Systematic Investment Plan in Mutual Fund is called SIP in short. Investment in this can be increased or decreased in between. This can be done for any length of time. Apart from this, many other benefits are also available in investing through SIP. Now know how you can become a millionaire with a sip of 1000 rupees a month.
How much time will it take
Now the main question is that in how much time one can become a millionaire by investing 1000 rupees. Due to less investment amount, it will take a little more time. If you start investing 1000 rupees in a good mutual fund scheme, then you can become a millionaire in 33 years. Here it is believed that your mutual fund scheme gives a continuous return of 15 percent every year. Good and strong mutual fund schemes have given returns ranging from 12 to 18 per cent. If you invest Rs 1000 regularly for 33 years, then your total investment amount will be Rs 3.96 lakh. But from compounding power, you will get this amount as return of Rs 1.06 crore.
You can reduce the time by increasing the investment amount
You can also adopt another method. This is a way to increase investment every year. That is, you start investing only 1000 rupees. Later every year you increase your investment by 10 percent. That is, start investing in the first year with Rs 1000. If you make this investment of Rs 1100 per month every year. Keep increasing in the following years as well. If you follow this investment strategy, then you can become a millionaire in 29 years. That is, 4 years before the earlier scheme.
Know how to become a millionaire soon
If you can increase your investment a little more every year, then you can become a millionaire soon. That is, if you can increase your investment by 20 percent every year, then you can become a millionaire in 23 years. That is, in only 23 years instead of 33 years. In this way you can become a millionaire 10 years in advance.
For this, you will have to start your investment with 1000 rupees only, but it will have to increase by 20 percent every year. If you do this, you will become a millionaire very soon.
