Become a millionaire, this is a great formula for investment!
Usually, a person tries to keep some part of his monthly earnings as savings so that the future can be secured. However, with the rising inflation, it is not possible for everyone to save money every month, but if you make a budget and follow it strictly and save even Rs 5000 every month, then your dream of becoming a millionaire can be fulfilled in the coming time.
Get tremendous returns on investment
You can turn your dream of becoming a millionaire into reality in a few years by investing money in SIP and getting tremendous returns on investment. The return on investment in mutual funds is an average of 12 percent per annum. If you invest continuously in SIP every month for 27 years, then at the rate of 12 percent, you will have Rs 1.08 crore deposited. During this time, your invested amount will be Rs 16,20,000, while the income from returns will be Rs 91,91,565. In total, you will have Rs 1,08,11,565 (1.08 crores) deposited with you.
You can save this much on an investment of Rs 10,000
On the other hand, if you increase your savings a little more and invest Rs 10,000 instead of Rs 5,000 in SIP, then you will become a millionaire in just 21 years. During this time, the amount invested will be Rs 25,20,000 and the income received from returns will be Rs 79,10,067. That means you will save Rs 1,04,30,067 (1.04 crores) in 21 years. The sooner you start investing, the more you will benefit, so most investors advise to save money from an early age so that you get tremendous benefit of the power of compounding in the long term.
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