Many people wish to become millionaires. However, given the existing circumstances, it may appear to be an unreachable goal. However, you will need to put in consistent effort and patience to become a billionaire.
Investing in mutual fund schemes through the SIP system is a smart way to do this. What is a systematic investment plan (SIP)? SIP is a method of investing a small amount each month for individuals who are unable to deposit a substantial sum in a single plan in a single instalment.
This is an excellent long-term investing strategy. The larger the return, the sooner we begin investing. For example, if you begin investing at the age of 25, you will be rewarded handsomely.
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By saving and investing 50 rupees per day, you can become a millionaire. A monthly savings of 1500 rupees is achieved by saving 50 rupees per day. Assume you invest Rs. 1500 per month in a mutual fund plan with an average annual return of 12 to 15%.
If you invest for 35 years in this manner, your total investment will be 6.3 lakh rupees. Even if you earn an average of 12.5%, your annual income will be roughly Rs 1.1 crore.
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Assume you started a SIP investment when you were 30 years old and are now 5 years later. So you've only put in 5.4 lakh rupees in all. This investment will only generate 59.2 lakh rupees after 30 years. A loss of approximately Rs 40 lakh is incurred due to a 5-year wait. As a result, the earlier we begin investing, the better.
