If your salary is small or large, you can raise a large amount of money in the future if you invest some part of it. Let us know how to use it after pay.
Even if your salary is 20,000 a month, you can easily fulfill your dream of becoming a millionaire. For this you have to adopt the mutual fund’s 70:15:15 formula.
This means that you should keep 70% of your income to meet your needs, create an emergency fund with 15% paise and invest the remaining 15%.
Simply put, 70% of the 20,000 rupees, ie 14,000 rupees you can keep up to meet your needs. Second, you can keep 15-15% of the emergency funds and investment separation ie 3000-3000 rupees.
Even if you earn more than Rs 20,000, you can organize your expenses and investments with this formula.
Now the question is, where to invest to become a millionaire? So the answer is, you should invest in a mutual fund via SIP. Can invest in SIP with a small amount. The average return in mutual funds is estimated at 12 %.
If you invest in ₹ 3,000 SIP per month and continue for 31 years, you can get more than ₹ 1 crore in a return of 12%. In short, you will get Rs 92,74,369 according to 12% return. That is, you will be the owner of a total of ₹ 1,03,90,369.
That way, in 31 years you will be the owner of Rs 1,03,90,369. If you get 13, 14 or 15 percent returns, this investment will make you a millionaire in less years. If you start this investment at the age of 29, you can still be a millionaire at the age of 60.
Mutual fund schemes are connected to the market, so compensation cannot be guaranteed. The average return of SIP is considered about 12 percent. As such, the calculation here is done on a 12 percent return. However, depending on the market status, this return may be further or less.
(Disclaimer: Investment in Mutual Fund is subject to market risks. Before investing you check your own or consult your Financial Advisor.)
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