Everyone tries hard to become rich. In such a situation, if you are also included in this list, then today we are going to tell you a good way by which you can become rich. Yes, if you also want to become a millionaire as soon as possible, then soon the new financial year is about to start, then you can fulfill this dream of yours. The new financial year is the perfect time to do financial planning afresh. For this, you have to save 20 rupees every day which is not a difficult task and with disciplined savings and investment of 20 rupees per day, you can become a millionaire. Now let's tell you how?
Investing in Mutual Fund- You can become a millionaire by investing in Mutual Funds. In fact, in the last 25 years, mutual funds have given very good returns. Yes and even some funds have given returns of up to 20 per cent in the long term. Let us tell you that the best way to invest in mutual funds is through Systematic Investment Plan (SIP). You can invest in it every month. Investing in mutual funds every month does not require a lot of money. You can start investing in Mutual Funds with just Rs 500.
For example, suppose a person starts saving Rs 20 per day from the age of 20, he will save Rs 600 in a month. In such a situation, if he invests 600 rupees every month in mutual funds, then that person can become a millionaire. Yes and for this one has to invest 600 rupees every month for 40 years (480 months). Yes and in this way he will have to invest only Rs 2.88 lakh and if he gets an average interest of 15 per cent per annum on this investment, then he can raise Rs 1.86 crore in 40 years on an investment of just Rs 2.88 lakh.
This is how big benefits are available- Long term investment proves to be beneficial to get good returns on investment in mutual funds. Yes and the reason for this is that the benefit of compounding is available during this time. For example, if you invest Rs 600 every month for 20 years and the annual average rate of return remains only 15 per cent, you will get only Rs 18.66 lakh after 20 years. At the same time, your total investment will be Rs 1.44 lakh during this period.
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