SIP Tips: You can become a millionaire by saving just Rs 100 every day, just know the right way to invest...
Amidst the ongoing boom in the market, where on the one hand investors are doubling their wealth during the day and quadrupling at night, on the other hand, if you are also thinking of increasing your wealth, then this news will be very useful for you.
Today we are going to explain to you the calculations of mutual funds and SIPs related to them. Nowadays investing is quite easy. People are making money with easy money. All that is needed is proper guidance and understanding. When it comes to money, just as we do not spend without thinking, similarly you should not invest without thinking or on the advice of others.
Mutual funds are one of the favorite investment options for investors. Almost every middle-class family and even the youth of our country invests in mutual funds, even if a little. In such a situation, today we will tell you how your daily savings of Rs 100 will make you a millionaire in 30 years.
You will have to save Rs 100 every day-
Although there are many mutual fund options in the market, you should look for that mutual fund that gives you a return of at least 12 percent. To become a millionaire you will have to save Rs 100 every day from today. If you save only Rs 100 per day, then you will have Rs 3,000 to invest in a month.
You have to invest these 3000 rupees every month for 30 years. And expect that your mutual fund gives you a return of 12 percent every year. If you invest regularly with patience and discipline for the next 30 years, then no one can stop you from becoming a millionaire.
Understand mathematics-
You will invest a total of Rs 1,080,000 in these 30 years and then by adding 12 percent interest every year on it, you will have Rs 10,589,741 after 30 years. That means your wealth will increase by Rs 9,509,741.
You can become a millionaire even at the age of 28-
Yes, of course, you can become a millionaire in just 28 years provided your mutual fund gives you a return of 13 percent. According to this return, your wealth after 28 years will be Rs 10,176,162.
How much return do you get on mutual funds?
According to most experts, you can get an average interest of up to 12 percent through SIP and sometimes this interest rate can even reach 15 and 20 percent due to the boom in the market or it can also go down due to recession.
You benefit from interest accumulation, and you can easily grow your wealth through SIP. According to experts, the longer you invest through SIP, the higher will be your profit.
What is a mutual fund?
A mutual fund is a company that pools money from many investors and invests that money in securities such as stocks, bonds, and short-term debt.
A mutual fund's combined holdings are known as its portfolio. The companies that get approval to set up mutual funds are asset management companies (AMCs) or fund houses, which collect money from investors, market mutual funds, manage investments, and manage investors' transactions. Enables.
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