Magical formula to make money from money can make you a millionaire at the age of 40
Becoming a millionaire is not rocket science, it is just a matter of money management, which not everyone understands. Here know the method which can make you a millionaire in just 15 years. That is, if you apply this formula at the age of 25, then you can make yourself a millionaire by the age of 40.
Becoming a millionaire is not rocket science, it is just a matter of money management, which not everyone understands. For this, along with maintaining a balance between expenses, savings, and investments, it is also necessary to have some patience and discipline. If you have these qualities, then you can make yourself a millionaire in a few years. Here know the method which has the ability to make you a millionaire in just 15 years. That is, if you apply this formula at the age of 25, then you can make yourself a millionaire by the age of 40. Know what you have to do for this.
Know what you have to do
To become a crorepati, you have to save and invest as much money as possible. This investment has to be made in a scheme that gives you huge returns over time. In such a situation, mutual funds can be a great option for you. You can make yourself a crorepati in just 15 years by investing in it through SIP with the formula of 15X15X15. Being market linked, there is no guaranteed return in SIP. Its return is based on the market. But in the long term, through this scheme, you can get the return which is not possible from any government scheme. In the long term, its average return is considered to be 12 percent. But sometimes you can get a return of 15 percent or more. In SIP, you get the benefit of compounding and wealth creation happens very fast.
How to become a crorepati?
According to 15X15X15, you have to invest Rs 15,000 every month for 15 years in a scheme that gives you 15% interest. We are talking about investing in SIP here because currently, there is a possibility of getting such a return only in SIP. If you invest in SIP by adopting the formula of 15X15X15, then you will invest a total of Rs 27,00,000 in 15 years at the rate of Rs 15,000 per month.
If you get 15% interest on this, then it will be Rs 74,52,946. In this way, by combining the amount invested and the interest, a fund of Rs 1,01,52,946 will be ready in 15 years. However, if you get a return of 12%, then it will take two more years i.e. 17 years to become a millionaire. In this way, in 17 years, you will have a fund of Rs 1,00,18,812.
The sooner you invest, the sooner you will become rich
The sooner you start investing, the sooner you can become a millionaire. But for this, your income should be around Rs 80,000 per month, so that your household needs are met and you can also save a lot. According to the financial rule, 20 percent of the income should be saved and then invested. If your monthly income is Rs 80,000, then 20 percent of it is Rs 16,000. In this way, you can easily invest Rs 15,000 in SIP.
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