You spend 50 rupees every day on tea, water, cigarettes and gutkha with your friends. This is such a small amount that it is not difficult for even a lower middle class person to save it. By saving 50 rupees every day, you can add 1500 rupees per month and can also make yourself a millionaire. Know how?
SIP Mutual Fund: If you talk to someone about saving, he thinks that he doesn’t know how much money he will have to save. But saving is a habit which can be started with small amounts. 50 rupees is also such an amount which you spend on tea, water, cigarettes and gutkha with your friends every day. This is such a small amount that it is not difficult to save even for the lower middle class.
But if you start saving this much money every day, that is, if you take out 50 rupees every day in the name of saving, then 1500 rupees will be collected every month. These 1500 rupees have the ability to create a fund of lakhs and even crores for you. You may find it strange to hear, but this is true. Here know how you can create a big fund with 1500 rupees per month.
Start SIP of 1500 rupees per month
For this, you will have to invest 1500 rupees every month in SIP i.e. Systematic Investment Plan. Investment in mutual funds is done through SIP. There is a huge benefit of compounding in long term SIP. All you have to do is keep this investment disciplined and keep investing for at least 30 years and you can make yourself a millionaire.
How to become a millionaire
Suppose you invest Rs 1500 every month in mutual funds through SIP. In this case, you will invest a total of ₹ 5,40,000 in 30 years. SIP is market linked, so there is no guarantee of return in it. But the average return in this is considered to be 12 percent. But many times 15 percent or even better returns have been seen.
In such a situation, if we calculate at the rate of 12%, then by investing 1500 rupees every month, the total investment will be 5,40,000 rupees, the interest on this will be 47,54,871 rupees and in this way, by combining the amount invested and the interest amount, you will get a total of 52,94,871 rupees. But if your luck favors you and you get a return of up to 15 percent, then you will get 1,05,14,731 rupees. In this way, you can make yourself a millionaire by investing just 1500 rupees.
(Disclaimer: Investments in mutual funds are subject to market risks. Before investing, do your own research or consult your advisor.)
