Today, many people are adding mutual funds to their portfolios as per their needs and are also investing in them. If you are also planning to invest in mutual funds, then this article can help you. In this article, we will find out how long it will take for a person to become a millionaire by investing ₹10,000 every month in a mutual fund SIP.
SIP Plan: When Will You Have 1 Crore Rupees?
If you put ₹10,000 every month in a SIP, you can become rich in the future. A SIP (Systematic Investment Plan) gives 12% return every year. But the return can change because the market goes up and down. If the return stays 12%, you will get about ₹1.70 crore after 25 years.
How Much Will You Put In?
If you invest ₹10,000 every month for 25 years, you will put ₹30 lakh in total. You will earn around ₹1.40 crore as profit. So after 25 years, you will have ₹1.70 crore. If the market does well, this can also become ₹2 crore. That means you can become a crorepati.
How Long to Get ₹1 Crore?
If you keep investing ₹10,000 every month, you will get ₹1 crore in about 22 to 23 years. You can check the time using a SIP calculator.
How to Use SIP Calculator?
It is very easy to use a SIP calculator. Just follow these steps:
Go to Google and type “SIP calculator”.
Click on any website you like.
You can also use Groww’s SIP calculator.
Enter how much money you will invest every month, how many years, and the return (like 12%).
After that, scroll down. You will see the total money you will get, your profit, and your total investment