You can easily become a millionaire by investing in mutual funds through SIP. it earns better interest
In today’s economic age, who doesn’t want to become a millionaire? Everyone keeps dreaming of keeping crores of rupees in the bank account. It is not easy for the employed people to add such a huge amount. The reason for this is that due to limited income and expenses, there is not much savings.
In such a situation, your dream of becoming a millionaire can be fulfilled by investing in mutual funds through SIP. For this, if you save only Rs 50 every day, then by the time of retirement you can easily become a millionaire.
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 started saving Rs 50 every day from the age of 25 and you are investing 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 every.
When you save Rs.50 every day, it will become Rs.15,00 in a month. On the other hand, mutual funds give an average return of 12-15 per cent. You invested a total of Rs 6.3 lakh for a long period of 35 years. On getting a return of 12.5 per cent in this, its value will be Rs 1.1 crore.
investing in 30 years
If you start investing at the age of 30, then this investment period will be reduced by 5 years and you will be able to invest only 30 years. In this, the total investment over a period of 30 years at Rs 15,000 per month will be Rs 5.4 lakh. Its total value will be Rs 59.2 lakh. Overall, the reduction of investment period to just 5 years results in a loss of around Rs 40 lakh.