Millionaires can also be made by saving only ₹ 100
Every person dreams that his pocket is always full of money. To become a millionaire, to become a millionaire, who does not want? But it is also true that there is neither a magic wand nor any shortcut to become rich overnight. But yes, if you save a little money every day and put it in the right place, then the dream of becoming a millionaire can turn into reality. Today we are going to tell you how you can become a millionaire by saving just ₹ 100 daily. Can’t believe it? So let’s understand the whole math.
Magic of saving ₹ 100 daily
In today’s era, earning and increasing it has become much easier than ever. People are engaged in doubling the money in the stock market, but the risk in it is equally high in it. If you want to avoid risk, then a systematic investment plan (SIP) in mutual funds is the best option for you. Its biggest feature is that you can start with small amount. Yes, you can make your dreams come true by saving just ₹ 100 daily.
How does SIP work?
SIP means a systematic investment plan, one such way of investing in mutual funds, in which you invest a certain amount every month. This amount can also be small, such as ₹ 100 daily, ie ₹ 3000 a month. Mutual funds get an average return of 12%, although it is not guarantee and may be up and down according to the market. But in a long time it has the power to increase your money manifold.
Become millionaires in 30 years, know mathematics
Suppose, you save ₹ 100 every day, ie ₹ 3000 a month. Now you put this ₹ 3000 in Mutual Fund SIP every month. If you do this for 30 consecutive years, then you will invest a total of ₹ 10,80,000. But if you calculate 12% annual return, according to SIP calculator, after 30 years your investment can reach ₹ 1,05,89,741. That is, you will get an interest of ₹ 95,09,741 at ₹ 10,80,000 you deposited by you. This is the magic of compounding!
Sip Calculator Understand Easy Mathematics
SIP calculator is a tool that helps you calculate how much returns your investment can give. For example, if you do SIP of ₹ 3000 every month and consider 12% average returns, then after 30 years your total earnings will be more than ₹ 1 crore. You can easily put these accounts easily using SIP calculator. This tool is available online and it is very easy to use.
Why is the correct option?
The biggest advantage of investment in mutual funds is that it can increase your money manifold in a long time. It is less risky than the stock market, because your money is divided into different sectors. Also, through SIP you can start with small amount and invest in a disciplined manner. This is the best for those who want to save a big fund by saving a little by regular income.
These things are necessary before investment
However, it is important to take care of some things before investing in mutual funds. First of all, consult a good financial advisor. It will help you choose the right mutual funds according to your goals and ability to take risk. Also, understand that the returns in mutual funds depend on the market, so it is important to be a little patient. Keep investing for a long time, because the magic of compounding only works.