Mutual Fund SIP | Start this work first after getting a job, this secret formula will make you a millionaire
Mutual Fund SIP Every middle class working person wants us to become rich and improve our financial condition. Some work tirelessly to become rich while others take the path of investing wisely. There is a common belief that a working person cannot become a millionaire, but this is not true. It is difficult for the middle class to create a retirement fund worth crores of rupees due to limited income, but you will be surprised to know that creating a fund worth crores of rupees after retirement is not a difficult task if a better strategy for investment and savings is made. You can raise funds up to Rs 50 crore by following the investment plan formula.
Even a middle class employee can become a millionaire
Let's say you are 23 years old and have just started working. In such a situation, if you work till the age of 60, you will work for a total of 37 years. During this period, your salary will be Rs 60,000 per month and you can easily fulfill the dream of earning Rs 50 crore by the age of 60 with an investment of Rs 22,000 per month through SIP and compound annual growth of 12%.
What is the mathematics of SIP investment?
If you invest Rs 22,000 every month in SIP, your total investment will be Rs 2.64 lakh, assuming compound growth of 17%, your total fund will be Rs 2.81 lakh in a year. You will see the benefit of compound growth in this fund from the first year, then after ten years you can deposit Rs 51,875 in SIP every month on the basis of minimum salary increase. In this way your total fund with compounding will be Rs 74.23 lakh. That means after 20 years your monthly SIP will become Rs 1,34,550 and your total fund will reach Rs 4.37 crore. Note that if you keep increasing your SIP share every year with increase in salary, then after 30 years your monthly SIP will become Rs 3.48 lakh, whereas after the age of 37 years, at the time of retirement, the monthly contribution in SIP will become Rs 6.80 lakh and the total The fund would have crossed Rs 51 crore.
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