If you are dreaming of becoming a millionaire, then you can make this dream come true by investing only one lakh rupees. With the right planning and discipline, you can increase your hard-earned money. Come, today in this news we know how you can become a millionaire by investing one lakh rupees. Especially through investment in Public Provident Fund (PPF) and mutual funds.
First understand what is PPF
Public Provident Fund (PPF) is a government scheme, in which investment is guaranteed by the government. This scheme is for a period of 15 years, but it can also be extended for 5-5 years.
Now know how to become a millionaire with this
If you invest 1,00,000 every year in this government scheme, then you have to continue it for 15 years. Currently the interest rate on PPF is 7.1 percent. If you extend this amount for 30 years (original period of 15 years and then 3 times 5-year extensions), your total maturity amount will increase significantly. For example, understand it like this-
Total investment: Rs 1,00,000 per year × 30 years = Rs 30,00,000
Total interest at 7.1 per cent: approximately Rs 73,00,607
Total maturity amount: Rs 1,03,00,607
This way, if you stay disciplined and invest on time, you can become a crorepati.
Now know how to become a crorepati through mutual funds
Systematic Investment Plan (SIP) is a method in which you invest in mutual funds at regular intervals. It is an easy and effective method through which you can get good returns in the long run. Understand it like this, if you invest Rs 15,000 every month and assume that you get an annual return of 15 percent, then the total investment in 15 years will be - 15,000 × 12 months × 15 years = Rs 27,00,000. The interest you will get on this will be around Rs 74,53,000. That is, the total amount will be around Rs 1,01,53,000. In this way also you can easily become a millionaire.
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