If you want to become a millionaire (crorepati kaise bane), then for this you should know how to invest more than just a little bit wisely.
Although the dream of becoming a millionaire is not easy, but if some special things are taken care of and the right investment strategy (proper planning and constant saving) is made, then this dream can be realized.
Know what to do?
According to market experts, if a young person starts a job at the age of 20, then he can easily become a millionaire when he retires in 60 years.
Experts say that by investing money in equity mutual funds in the long term, the dream of becoming a millionaire can be achieved.
According to experts, you can achieve the goal of becoming a millionaire by saving Rs 35 daily.
Whenever there is a big correction in the stock market, then SIP (Systematic Investment Plan-SIP) should be started from those levels.
Investors should start investing in Diversified Equity Mutual Funds for the long term from the very beginning of the job.
Assuming an average annual return of 12 per cent in the long term, one can become a millionaire.
However, its investor will have to start saving only Rs 35 per day i.e.around Rs 1,050 per month.
If you start a job at the age of 20 and want to retire at the age of 60, then you have to invest SIP Rs 1,050 every month.
He will achieve more than Rs 1 crore at the rate of compounding (compound interest) of 12 per cent.
Older people can also become millionaires
Older investors can also become millionaires, for this they also have to take care of some special things.
An investor who started a job at the age of 35 wants to become a millionaire when he retires at 60, then he will need to invest Rs 5,875 every month.
That investor will get around Rs 1 crore at the compounding rate of 12 per cent.