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Eating and saving your earnings are very different things. You must have often heard people saying that I earn or earn so much, but nothing is left in the end of the month. But, if your month salary is 1 lakh rupees, then you can raise up to 1 crore rupees. For this, you have to plan an investment and invest for 10 years.
How to achieve a target of Rs 1 crore
If you want to make a fund of Rs 1 crore in 10 years, then it is possible with the right planning and discipline. For this, first of all you have to submit a fixed economy every month. After that, according to the return, you will make a fund of crores. Suppose you invest in equity mutual funds, where an average of 12% annual returns can be received. For this, you will have to invest about 44,000 rupees every month. If your monthly income is 1 lakh rupees, then it can be half your income. Initially it may seem difficult, but it is possible with smart expenses and planning.
Manage expenses
We often move towards luxury lifestyle when they earn more, such as food outside, buying new gadgets, or expensive holidays. But keep in mind, every rupee saved today earns for you in the future. Limit your essential expenses to 40-50% income. Save 10% for Emergency Fund. Put the rest of the money in investment. Financial experts recommend that invest first, then spend.
Select the right investment option
Now it is the point that you have to invest 10 years. But, where to invest. It is necessary to identify it. Equity mutual funds and index funds are the best options for 10 years. They can beat inflation and give good returns in a long time.
Keep increasing sip
Apart from this, as your income increases, increase your investment too every year, increase your SIP by at least 10%. For example, if you start 50,000 rupees a month and increase 10% every year, then compounding will get the benefit. With this, you can achieve a target of 1 crore in a short time and the pressure of investment in future will also be reduced.
Monitor portfolio
Check the progress of your investment at least once every year. If needed, rebalans your portfolio, ie adjust the funds. However, do not make changes again and again, because discipline makes money, should not be manipulated continuously.
Disclaimer- This news has been made only for information. TV 9 Hindi does not recommend investing in any fund, share. Before investing, take the opinion of experts.