You can fulfill your dream of becoming a millionaire by saving just Rs 1000 every month. For this, you have to do mutual fund SIP regularly with your saved amount and keep this investment continuous for long term.
After all, who doesn’t want to become rich… Everyone thinks of saving something out of their earnings and wants to invest it in such a place, so that their fat fund gets accumulated. If you also want to become a Crorepati, then tell that this work is not so difficult. All you need is the right investment strategy and a goal. Under one formula, you can achieve the goal of becoming a millionaire even by saving just Rs 1000 every month. Let us know how this can be possible.
SIP became a popular method of investment
To become a millionaire, you have to take special care of two things. First saving a part of your income and second investing that savings in the right place. In today’s time, Systematic Investment Plan ie SIP has emerged as such a great way of investment, which can prove to be effective in fulfilling this dream. However, it can prove to be beneficial for investors in the long term and by making small savings of Rs 1000 a month, you can collect a fund of not one but two crore rupees.
Benefit only in long term investment
The best advantage of long term investment in SIP is that you also get the benefit of compounding on the amount invested by you. In such a situation, the return received in SIP becomes excellent. Experts also advise people making investment plans to start investing as early or as young as possible. Here you can make a big fund by making small investments on a regular basis.
Many mutual funds gave 20% returns
Now let’s talk about how the dream of becoming a millionaire can be fulfilled by saving just one thousand rupees every month. For this, you have to do mutual fund SIP with your saved amount. If we look at the returns received through SIP in the last few years, many funds have given returns of 20% or more. Accordingly, if you continue your investment for 30 years, then your accumulated fund will exceed Rs 2 crore.
This is the complete calculation
If you understand through SIP Calculator, if you do SIP of Rs 1000 every month, then the amount deposited by you in a period of 30 years is only Rs 3,60,000. Now if you get 20% return in this, then your fund becomes Rs 2,33,60,000. By getting the benefit of compounding, investors get a lot of profit. By starting investment at a young age and continuing it for the long term, the goal of becoming a millionaire can be achieved.
(Note- Before making any kind of investment, take advice from your market experts.)
