To make money, along with earning money, it is also necessary to invest the money at the right place. Investment can lead to a good corpus build in the long term. That’s why it is important to start saving and investing at the right age. Because it is necessary to save money for post-retirement expenses. Let’s know about it in detail.
There is no dearth of people in this world who want to have so much money accumulated that they can leave their 9 to 5 job and do something that they always wanted to do without worrying about money. However, before leaving the job, it is necessary that you have a big fund, so that you can manage your expenses after leaving the job.
Experts believe that saving money is not enough to create wealth, it is necessary to invest the money in the right place. A proper financial planning and proper investments are essential. It is necessary to be disciplined regarding savings and investment. Mutual Funds SIP can be a good start to build a good corpus. According to Moneycontrol’s article, with a proper planning and discipline, you can build a wealth of one crore even by investing Rs 7000 a month.
How to become a millionaire with an investment of 7000?
If you start investing Rs 7,000 every month in SIP today, then in the next 30 years you will invest Rs 25.2 lakh. If your portfolio grows at the rate of 8 percent every year, then in 30 years your fund will be worth 1 crore. According to Tivesh Shah of True-Worth Finsultants, if your portfolio grows at 10%, you can make Rs 1 crore in 30 years by investing just Rs 4,800 a month.
If a growth of 8 percent is expected, then at the age of 35, if you start investing Rs 10,930 per month, then by the age of retirement, you can create a wealth of 1 crore, while according to the growth rate of 10 percent, you can make only 8,040 per month. You can make 1 crore by depositing Rs.
How much fund is needed for retirement?
SEBI Registered Investment Advisor Dev Ashish says that it is necessary to add 30-40 times your annual expenses for fund retirement. That is, if your annual expenditure is 5 lakhs, then you will have to collect a fund of 1.5 to 2 crores.
What to do to create a retirement fund of 5 crores?
If you want to build a retirement fund of 5 crores and you are 30 years old, you can achieve your goal in 30 years by investing Rs 24,000 a month in SIP. On getting 10 percent return, this goal will be completed in 30 years. But if an investment of Rs 24,000 is too much for you, then you can invest Rs 14,430 per month and build a fund of Rs 3 crore in 30 years, which will also be accumulated if you get an annual return of 10 percent.
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