SIP calculator: Turn Rs 786 a day into Rs 1 crore in just 15 years! Here's how
SIP calculator: A lot of commitment and financial discipline are requried for saving money. If you want to become a crorepati with your income, these two become more than necesssary.
SIP calculator: A lot of commitment and financial discipline are requried for saving money. If you want to become a crorepati with your income, these two become more than necesssary. There are many financial instruments in the market that will help you get rich. However, how much you will be able to accumulate over a period of time will depend on how much you can save everyday.
If you can save Rs 786 per day (=Rs 23580 per month) and invest it in monthly Mutual Fund SIP then even at a very conservative estimate, you may be able to get over Rs 1 crore in 15 years.
For example, if you are 30 years of age now then by saving Rs 786 a day, you may accumulate over Rs 1 crore in 15 years at a very conservative rate of return.
Conservative style of investment aims to grow capital over a long term. This style advocates allocating a high percentage of funds to fixed income and the remaining in growth or aggressive stocks.
How to calculate: There are many online mutual fund SIP calculators available online. For the calculation mentioned above, we have used the HDFC online calculator (https://www.hdfcsec.com/personal-finance/sip-calculator). It shows that with an investment of Rs 23,580/month for 15 years in conservative style, one may get up to Rs 1,15,98,820.
Step 1: Go to the online calculator and the enter the monthly SIP amount, time horizon and investment style.
Note: Mutual Fund investments are subject to market risk. Hence, always read the offer documents and also analyse the performance of a fund to make your investment.