If you really want to become a millionaire, then nothing can stop you from getting a target. Today it has become very easy to become rich. Its credit goes to mutual funds. Especially the systematic investment plan has made it very easy. You have to set your goal first. After that you have to follow the plan to achieve that goal. Even more important is that you have to rely on your investment strategy.
The amount can be increased or reduced by the capacity to invest
Mutual Fund Equity Scheme (Equity Scheme of Mutual Fund) Investment in a long time provides great returns. Sip Has made this work very easy. Every month from SIP you can invest fixed amount for 10-12 years. An investors can decide the amount of investment according to their income. If you invest more every month, then you can prepare a big fund soon. If you invest a little less amount, it may take some time to get a target (one crore rupees). You can make special strategy for yourself to keep your income in mind.
It is very important to understand Magic of Compounding
Experts say that many investors do not rely on the Magic of Compounding. This makes them miss the opportunity to prepare a big fund for themselves. If an investor invests in a disciplined manner from SIP every month, then in 10-12 years, a big fund will be ready. If you feel that you cannot invest more every month now, then you can use such a strategy in which the amount of investment will increase every year. The advantage of this is that you can start with a low amount. But, with increasing your income every year, your amount of investment will also increase.
Average return of 12 per cent annually is prepared by large funds in a longer period
Mutual fund equity scheme gets a annual average of 12-13 per cent returns. It is found when investing for a long period. If you are considered an average return of 12 per cent annually, then you have to invest Rs 45,000 every month to prepare a fund of Rs 1 crore for investing in a good equity scheme of mutual funds for 10 years. In this way you will invest a total of Rs 54,00,000 in 10 years. You will get a return of about Rs 46,81,615 on this investment. After 10 years, your total fund will be Rs 1,00,81,615.
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You can also become a millionaire with the investment of low amount
Even if an investor cannot invest Rs 45,000 every month, he can still become a millionaire. The difference is that he will have to invest for a little longer. Let’s understand it with an example. Suppose you can invest Rs 25,000 every month. Then you have to invest for 14 consecutive years. In this way you will invest a total of Rs 42,00,000. On this you will get a return of about 61,38,502 rupees. In this way, a fund of Rs 1,03,38,501 will be ready for you.