SIP Investment Tips: In today’s time, there are many such means of investment, through which even people earning low salary can fulfill their dream of becoming a millionaire. Mutual Funds SIP is one of them. Know here how SIP can make a person earning Rs 30,000 monthly a millionaire.
SIP Investment Tips: In today’s time, many people are undoubtedly earning a lot of money by working in big companies, but still there is a large class for whom 1 crore is a huge amount. If you talk about becoming a millionaire to those earning a salary of 25 to 30,000 rupees, then perhaps they will not be able to believe it. But if financial planning is done in the right direction, then becoming a millionaire in today’s time is not that difficult.
In today’s time, there are many such means of investment, through which even people earning low salary can fulfill their dream of becoming a millionaire. Mutual Funds SIP is one of them. Here’s how SIP can make a person earning Rs 30,000 a monthly crorepati.
Why is SIP a profitable deal?
Mutual Funds SIP is a market linked scheme, so there is no guarantee of return, but the risk is less as compared to investing money directly in stocks. Experts believe that its average return in the long term is around 12 percent, which is much higher than any other scheme. Sometimes there is a chance of getting better returns from it. Due to compounding, money grows rapidly in mutual funds in the long term. Therefore, in today’s time people consider it a profitable deal and most experts say to include it in the portfolio.
How will a person earning a salary of 30,000 become a crorepati?
Now let’s talk about the issue, how can one become a crorepati with a salary of 30,000? The answer is that you have to follow the 50-30-20 rule and invest 20 percent of your income in SIP. 20 percent of 30,000 is Rs 6,000. If you invest Rs 6,000 every month in SIP, then you will be a millionaire in 24 years.
In this way, in 24 years you will invest a total of Rs 17,28,000. At the rate of 12 percent, the interest on this will be Rs 83,08,123. In this way, in 24 years you will be the owner of Rs 1,00,36,123. Your income will also increase with time, according to that you can increase your investment in it and become a millionaire even before 24 years.
