You can become a millionaire by saving only Rs 35 per day, know what to do?
Everyone dreams of becoming a millionaire, but not everyone can fulfill that dream. If you want to become a millionaire, you have to make wise investments. With proper planning and constant saving, your dream of becoming a millionaire can come true.
What to do
A market expert advises that if a young person starts a job at the age of 20, he or she can easily become a millionaire at the age of 60. Experts say that by investing in equity mutual funds in the long run, you can fulfill your dream of becoming a millionaire.
SIP (Systematic Investment Plan) should be introduced when investing in the stock market on a large scale. For which you need a regular daily allowance of Rs. 35 will have to be saved. Investors should start investing in Diversified Equity Mutual Funds in the long run once the job starts. A long-term investor can become a millionaire by getting a return of 12% per annum. In which investors regularly invest Rs. 35 i.e. monthly Rs. 1050 will have to be saved.
Starting a job at the age of 20 and retiring at the age of 60 will cost Rs. 1050 will have to be invested. After which compounding interest at the rate of 12% will give you Rs. More than Rs 1 crore can be obtained.
Older people can also become millionaires
Older people need to pay special attention to these things to become millionaires. People who start a job at the age of 35 retire at the age of 60 and earn Rs. 5875 will have to be invested. In which compound interest calculation at the rate of 12% will give you Rs. More than Rs 1 crore can be obtained.