SIP Mutual Funds: Can you become crorepati by investing just Rs 100 a day? It is possible, know how?
SIP mutual funds have emerged as an effective tool to increase your wealth. They have given an average returns of 12 per cent in the last few years. Even if you earn Rs 15,000 every month and invest Rs 3,000 in SIPs, you have fair chances to becoming a crorepati after some years.
SIP Mutual Funds: Becoming a crorepati is a big dream for a middle class. People from this class try to fulfill their dreams by saving small amounts from their monthly income as they also have a lot of responsibilities. With meagre sources of income, they want that their investments give them high returns and above all, they don't turn negative. For a person aiming at good returns, SIP i.e. Systematic Investment Plan can be a good option.
For SIP investment, you can invest a small part of your savings from your salary every month.
The average return in mutual funds are 12 per cent.
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Though the returns may vary, if you invest money in a SIP mutual fund plan for long time, you can fulfill your dream of becoming a crorepati.
Even if you save Rs 100 every day, you can make yourself a crorepati in a few years, which can help you meet many of your financial goals. Know how?
Become a crorepati by saving Rs 100 daily
If you save Rs 100 every day, you will save Rs 3,000 a month.
You invest this amount in SIP continuously for 30 years.
According to the SIP calculator, you will invest only Rs 10,80,000 in 30 years, whereas at 12 per cent you will get Rs 95,09,741 as return.
In such a situation, after 30 years, you will be the owner of Rs 1,05,89,741.
Even after earning Rs 15 thousand daily, you will save Rs 3,000 per month.
The financial rule says that you should save at least 20 per cent of your income and invest it in some scheme.
Even if you earn Rs 15,000 a month, then 20 per cent of that amount is Rs 3,000.
Which means, you should invest at least that much amount to secure your future.
Since your income will not be static and it will increase with time, it will not be difficult for you to invest Rs 3,000 a month in SIP once your salary see a jump.