This is how you will become a millionaire on daily investment of 300 rupees
This is how you will become a millionaire on daily investment of 300 rupees
New Delhi: Every person wants to become a millionaire on low investment. However, there are very few people who can do this by saving some money daily. Systematic Investment Plan (SIP) investment in Mutual Fund is one such way by which people can fulfill their dreams by investing little money.
You will have to invest so much every month
According to the Mutual Fund Calculator, people can easily prepare funds ranging from Rs 1.51 crore to Rs 1.7 crore at the time of retirement by depositing 8 to 9 thousand rupees (maximum Rs 300 daily). Speaking to our associate website Zeebiz.com, Karthik Jhaveri, director-wealth management, Transcend Consultants, said that one can get at least 12% return in equity mutual funds if the time for investment is more than 15 years. However if the time goes beyond 20 years, it can give up to 15 per cent returns depending on the type of mutual fund scheme selected for investment.
This fund will be on 8 thousand rupees monthly investment
Keeping an annual return on mutual fund SIP at 12 per cent, if a person invests Rs 8,000 per month for 25 years, the mutual fund calculator says that after 25 years the maturity amount will be Rs 1,51,81,081. During this time the person will invest Rs 24,00,000, while the interest earned during the investment period will be Rs 1,27,81,081.
This is how you can get Rs 1.7 crore
According to the mutual fund calculator, if you invest Rs 9,000 per month in a SIP for 25 years with a 12% return, the maturity amount will be Rs 1,70,78,716 (Rs 1.7 crore). This net maturity amount will have a net investment of Rs 27,00,000 (Rs 27 lakh), while Rs 14,378,716 (Rs 14 lakh) will be the net interest earned during the entire investment period.
Jhaveri said that if a person wants at least Rs 1.5 crore after 25 years, then one should invest more than Rs 500 to Rs 1,000 to be confident about achieving their investment target. If a mutual fund investor has a fund target of Rs 1.5 crore, he should invest Rs 9,000 per month.
