Crorepati Tips: In today's time, many people are undoubtedly earning a lot of money by working in big companies, but still there is a large class for whom 1 crore is a huge amount. If you talk about becoming a crorepati to those earning a salary of 25 to 30,000 rupees, then they may not believe it. But if financial planning is done in the right direction, then becoming a crorepati in today's time is not that difficult.
In today's time, there are many such means of investment, through which even people earning low salaries can fulfill their dream of becoming a crorepati. Mutual Funds SIP is one of them. Know here how SIP can make even a person earning Rs 30,000 monthly a crorepati.
Why SIP is a profitable deal
Mutual Funds SIP is a market-linked scheme, so there is no guarantee of return in it, but the risk is less as compared to investing money directly in stocks. Experts believe that its average return in the long term is around 12 percent, which is much higher than any other scheme. Sometimes there is a chance of getting better returns from it. Due to compounding, money grows rapidly in mutual funds in the long term. Therefore, in today's time, people consider it a profitable deal and most experts say to include it in the portfolio.
How can a person with a salary of 30,000 become a millionaire?
Now coming to the point, how can one become a millionaire with a salary of 30,000? The answer is that for this you have to follow the rule of 50-30-20 and invest 20 percent of your income in SIP. 20 percent of 30,000 will be Rs 6,000. If you invest Rs 6,000 every month in SIP, then in 24 years you will be a millionaire.
In this case, you will invest a total of Rs 17,28,000 in 24 years. At the rate of 12 percent, the interest on this will be Rs 83,08,123. In this way, you will own Rs 1,00,36,123 in 24 years. Your income will also increase with time, accordingly, you can increase your investment in it and become a millionaire even before 24 years.
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