If you start with Rs 5000 per month, then in a few years you will realize that to be financially independent, you do not need a huge amount of money but a strong willpower.
Money is not saved, then how to save? Some people always repeat this, while some people say that saving 2-5 thousand rupees is not going to help in this inflation. If you also have the same problem that despite having a job, you are not able to save money, then it is your fault. What is the guarantee that you will be able to save money after the salary increases?
Especially if you are in a private job and are not serious about saving, then this is a warning bell for you. You need to think seriously about this. Because time does not wait for anyone, so if you are aware about the future, then you will have to implement it in the present itself.
Formula to become a millionaire?
Actually, today there is a need to look at the future in two ways. First- house, car, children’s education etc. after 10 years from now. Second- retirement, this is more important for those in private jobs, because when you are not in the job, how will your needs be fulfilled? Because if you are young now, then old age will also come. But to avoid problems in old age, especially financially, everyone should take steps at the right time.
When you take the first step towards investing, then the goals will automatically become easier. In this fast-paced life, everyone wants to become rich, but for this, one needs to be aware of investments. It is true that in today’s era, becoming a millionaire is not a difficult goal. You can reach your target by adding small amounts.
Today we are going to tell you that if you save 5000 rupees every month, then in how many days you will become a millionaire. For a middle-income person, saving 5000 rupees every month is not a difficult task. Start with 5000 rupees, then in a few years you will realize that to become financially independent, you do not need a huge amount, but you need strong willpower.
Let’s understand the calculation
Let us explain the whole maths of how you can reach your goal. Where to invest money for this? Today everyone is aware of Mutual Funds. You can start SIP in Mutual Funds with just Rs 500 per month, SIP is a way of investing in Mutual Funds.
In such a situation, when you invest Rs 5000 every month in mutual funds and if you get 15% annual return on it, then after 22 years you will become a millionaire. You will have a total of Rs 1.03 crore. Whereas in these 22 years, you will deposit a total of Rs 13.20 lakh.
If you get an annual return of 17%, then by investing Rs 5000 monthly, you can earn Rs 1.01 crore in just 20 years from mutual funds. Not only this, if you start investing with Rs 5000 per month and increase it by only 10% every year, then even at the rate of 12% annual return, you will have Rs 1 crore after 20 years. That is, if you start investing Rs 5000 per month from now, then in the year 2044 you will be the owner of just Rs 1 crore.
If you invest Rs 5000 in monthly SIP and the investment increases by 10% per annum, then you get 15% annual return. After 20 years, you will get a total of Rs 1,39,18,156. While during this period, you will invest a total of Rs 34,36,500. However, this has been calculated only on the basis of Rs 5000 per month, which can be done by those who earn at least Rs 25 thousand to 30 thousand every month. If the investment amount is doubled, then naturally the return will also double, so you can understand the power of SIP.
