SIP Investment: Even today, there are many people whose monthly income is very modest. For such people, becoming rich seems like a dream. But investment has the power to make even a poor person a millionaire. If you want, you can make yourself a millionaire even by earning only Rs 10,000 a month. For this, you just have to save Rs 50 a day.
Invest your savings here
If you save Rs 50 a day, you will save Rs 15,00 a month. You have to invest this amount in mutual funds every month through SIP. In the long term, you can make yourself a millionaire through mutual funds.
This is how you will become a millionaire
Mutual funds are market linked schemes. There is no guarantee of return in this. But experts believe that in the long term, you can get a return of 12 to 15 percent. If you invest Rs 15,00 in mutual funds every month. Continue this investment for 30 years. In 30 years, you will have a total of Rs 5,40,000 invested. If we assume a 15% return, then you will get Rs 99,74,731 (about Rs 1 crore) as interest on this. By combining the investment amount and interest, you will own a total of Rs 1,05,14,731.
Why invest in SIP only?
SIP is best for those people who are not able to invest a large lump sum amount. In this, investment can be started with just Rs 500 and there is no maximum investment limit. Also, its return is also very good compared to many schemes. It gives the benefit of compounding. The longer you invest in it, the more profit you can earn.
Benefit of Rupee Cost Averaging
In long term SIP, you get the benefit of Rupee Cost Averaging. This reduces the market risk and gives very good returns in the long term. In such a situation, you can create a large corpus in the long term by investing small savings every month.
Even those earning Rs 10,000 will be able to invest this much
The financial rule says that everyone should invest 20% of their income in any case. Even if you earn Rs 10,000 every month, you should invest at least Rs 2,000. Here, we are talking about investing only Rs 1,500, which can be done easily.
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