New Delhi: The moment you start earning, you start thinking when and how you can be a crorepati. This is normal, everybody thinks that way. The only problem is one doesn’t know how to go about it in the sense that how much and where should one invest to become a crorepati. Todaywe will tell you how by saving just Rs 30 daily, you can realise your dream of becoming a crorepati.
The fact is that the principle of compounding interest turns your long-turn small savings into a huge amount.
WHERE TO INVEST
You save Rs 30 daily, which makes it Rs 900 a month. Invest this amount in Systematic Investment Plan (SIP) a diversified mutual fund.
UNDERSTAND HOW RS 30 TURN INTO CRORE
1. Suppose Shyam is a 20-year old youth
2. Shyam invests Rs 900/month in a SIP of diversified mutual fund
3. Such funds give a return of around 12.5% annually
4. If Shyam continues to invest for 40 years, he will be a crorepati when he turns 60
HOW RETURNS ARE CALCULATED
1. Initial investment Rs 900
2. Monthly investment Rs 9000
3. Annual return 12.5%
4. Investment duration 40 years
5. Total amount Rs1,01,55,160
FOR LATE STARTERS
1. You can be a crorepati even if you start investing late
2. If you are 30, then you will have to save Rs 95 daily to be a crorepati
3. At a constant investment pattern, and estimated 12.5% return, you will be a crorepati when you turn 60
So, what are you waiting for? Go start saving and investing right away.