New Delhi. Investment Plan: It is everyone’s dream to become rich. Everyone wants his bank account to be filled with crores of rupees. It is not easy for a middle class man to add that much amount.
The reason for this is that due to limited income and expenses, there is not much savings. But we are going to tell you the idea of becoming a millionaire. Your dream of becoming a millionaire can be fulfilled by investing in mutual funds through SIP. For this, if you save only Rs 50 per day, then by the time of retirement you can easily become a millionaire.
Very beneficial for long term investment
Under Mutual Fund SIP (Systematic Investment Plan) you can deposit a large amount with small monthly investments. This scheme is very beneficial for long term. To become a millionaire, you should start investing from the very beginning of your career. If you start investing from the age of 25, then it will be of great benefit.
Investing at the age of 25
If you start saving Rs 50 daily from the age of 25 and invest it in mutual funds through SIP, then by the age of 60 you will easily become a millionaire. That is, in 35 years, you have to save only 50 rupees everyday.
What is the math of becoming a millionaire
If you save Rs 50 a day, it will become Rs 1500 in a month. On the other hand, mutual funds give an average return of 12 to 15 percent. Accordingly, if you invest for a long time period of 35 years, then a total of Rs 6.3 lakh will be deposited. On getting a return of 12.5 per cent, its value will be Rs 1.1 crore.
Investing at the age of 30
If you start investing in mutual funds through SIP at the age of 30, then your investment tenure will be reduced by 5 years and you will be able to invest only for 30 years. In this, a total of Rs 5.4 lakh will be invested in a period of 30 years at the rate of Rs 1500 per month. Its total value will be Rs 59.2 lakh. Overall, you will have a loss of about Rs 40 lakh due to the reduction of the investment period of 5 years.