Becoming a Crorepati is a financial dream every Indian nurtures, however to realize this financial dream and make it a numbers backed financial goal, you will need to invest aggressively and patiently. As the year has just started, so this could be the best time to give yourself the financial goal to accumulate ₹1-Crore by 2025 or in 7 years from now. Let us show you how much you will need to save Every Day to realise this goal:
Let’s say you are 35-years-old as of today and you wish to invest money in SIPs that will yield 12% yearly rate of return. To reach ₹1 Crore mark till 2025 i.e. by the time you are 42 will require you to save ₹ 76,527 every month or ₹2,550 every day.
Is it unreasonable?
Absolutely not! The probability is that you are already settled in your career; however, you do not have much burden of your kids’ education etc at this stage. Which means, this is the right time to live a little frugally and save every penny.
If you are married and your spouse too is earning, then this goal can be easily achieved with mutual understanding and some planning.
How you can save this money to get the best return on investment?
The goal realization lies in going for Systematic Investment Plans aka SIPs of mutual funds. This financial tool lets you invest small amount of money in regular intervals over a long period of time. SIPs work on the benefit of compounding and starting early is the key to benefit fully from this investment instrument. Also, the right mix of SIPs between equity and debt mutual funds is crucial to maximize the return.
Comments
0 comment