How to become Rich Fast: Who does not want to become rich. Everyone wants to have crores of rupees in his account. In today’s time, by preparing the budget in a disciplined manner, you can achieve this goal every month by saving a little and investing wisely. If you also want to become a millionaire as soon as possible, then this time is absolutely right. The reason for this is that the new financial year is about to begin. The new financial year is the perfect time to do financial planning a fresh.
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You can become a millionaire with just 20 rupees investment
In this era of inflation, making big savings can be a bit difficult. But saving Rs 20 per day is not a very difficult task and with disciplined saving and investing of Rs 20 per day, you can become a millionaire. Let us know how it is possible.
Goals can be achieved by investing in mutual funds
You can achieve the goal of becoming a millionaire by investing in mutual funds. The reason for this is that mutual funds have given very good returns in the last 25 years. Even some funds have given returns of up to 20 per cent in the long term. Systematic Investment Plan (SIP) is the best way to invest in mutual funds. You can invest in it every month. Investing in mutual funds every month does not require a lot of money. You can start investing in Mutual Funds with just Rs 500.
This is the formula to become a millionaire
Suppose a person starts saving Rs 20 per day from the age of 20, then he will save Rs 600 in a month. If he invests Rs 600 every month in mutual funds, then that person can become a millionaire. For this, the person will have to invest Rs 600 every month for 40 years (480 months). In this way, he will have to invest only Rs 2.88 lakh. If he gets an average interest of 15 percent per annum on this investment, then he will have to invest only Rs 2.88 lakh in 40 years. If he gets an average interest of 15 per cent per annum on this investment, then he can raise Rs 1.86 crore in 40 years on an investment of just Rs 2.88 lakh.
Big benefits on long term investment
Long term investment proves to be beneficial to get good returns on investment in mutual funds. The reason for this is that during this time the benefit of compounding is available. For example, if you invest Rs 600 every month for 20 years and the annual average rate of return remains the same at 15 per cent, you will get only Rs 18.66 lakh after 20 years. During this your total investment will be Rs 1.44 lakh.
