2024-07-19 11:16:43
New Delhi: The way inflation is increasing, the common man is not able to save money. In such a situation, he looks towards such schemes where he gets maximum returns. But, in this process, many times people invest in the wrong scheme. Due to this, they do not get the returns that they are expecting. But it is also not true that there is no legitimate way to create a good fund. There are many ways of investment, with the help of which you can become a millionaire. If you also want to create a big fund, then we are going to tell you about such a formula, with the help of which you will become a millionaire in a few years. For this, you will have to invest a certain amount every month.In how many years will you become a millionaire?
If you want to become a millionaire by saving small amounts, then investing through SIP (Systematic Investment Plan) is the best way. In this scheme, you have to start investing from Rs 20,000 per month. If you invest continuously in this scheme, you will become a millionaire in just 12 years. You can use this amount for children’s higher education, marriage or any other important work.
Money doubled in 9 months, this scheme of mutual fund made you rich, these shares in your portfolio
You will have to choose step up SIP instead of simple SIP
You may have heard the name of SIP. A large fund can be collected by investing in it. But more funds can be collected by choosing step up SIP instead of ordinary SIP. Know what is the difference between the two:
What is a simple SIP
In this, you invest a fixed amount every month for a fixed period. The amount to be invested is not increased. After a fixed period, you get a big fund. Suppose, you want to invest Rs 5,000 every month in SIP for 20 years, then even in the last month, the investment amount will remain Rs 5,000 only.
Step up SIP
In this method of investing, you do not have to invest a fixed amount every month for a fixed period. After investing a fixed amount for a year, the amount is increased. Suppose, you want to invest 5 thousand rupees for 20 years. Invest 5 thousand rupees every month for the first year. After this, you can invest every month by increasing the amount by 5 or 10 or more percent every year as per your convenience. This has to be done every year. This is step up SIP.
What is the formula to become a millionaire?
With an initial investment of Rs 20,000, you will become a crorepati in 12 years. For this, you will have to opt for step up SIP. Understand it like this:
- You will have to invest Rs 20 thousand every month for the first year.
- After one year, you will have to increase the amount to be invested by 10 percent. That means from next year, you will have to invest Rs 5500 every month for one year.
- After one year, you will have to increase the amount by 10% again. Now you will have to invest Rs. 6050 every month for one year. Similarly, you will have to increase the amount by 10% every year.
- By investing in this way, you will create a total fund of Rs 51,32,228 in 12 years.
- Since investing in SIP also earns interest. If we assume an annual interest rate of 12%, then your interest in 12 years will be Rs 49,16,455.
- In this way, you will create a total fund of Rs 1,00,48,683 in 12 years at an interest rate of 12 percent, i.e. you will become a millionaire.
- If the interest rate is more than 12%, you can become a millionaire in less than 12 years.
- Keep in mind here that investment in SIP is linked to the stock market. In such a situation, changes in the returns obtained from it are possible.
Disclaimer: The suggestions given in this analysis are those of individual analysts or broking companies, not of NBT. We advise investors to consult certified experts before making any investment decision. As stock market conditions can change rapidly.