Many people dream of becoming a millionaire. But they do not understand exactly how to achieve this goal. Although experts believe that becoming a millionaire is very easy. In this case, only by investing with a plan will you achieve success in this endeavor.

You will be surprised to know that you can save 1 crore rupees by doing an SIP of just 10 thousand rupees.

Now the question is, how long will it take to save 10 thousand rupees and reach the target of 1 crore? And that calculation is given in the article.

What is SIP?

Now, most people know about SIP. Actually, there are two ways to invest in the stock market. If you want, you can invest money directly in the stock market. And those who do not want to do that, they can invest through mutual funds. In this case, you have to invest money every month. That way, after a while, you can get a lot of money back.

Keep in mind, SIP can be done with just 500 rupees. But there is no upper limit. Although if you want, you can save a lot of money by putting just 10000 rupees in mutual funds every month. You can even become a millionaire.

How long will it take to deposit 10 thousand rupees?

Let’s say you are depositing 10 thousand rupees every month. You get a return of 12 percent on that money. And in this way, you can become a millionaire at the age of 26. In that case, you will save 31.2 lakh rupees in 26 years. And you will get the remaining money as a return. And it has been seen that a return of 12 percent can be easily obtained in the stock market.

If you get a return of 14 percent?

Maybe you somehow got a return of 14 percent in SIP. In that case, you can become a millionaire in 23 years.

In this way, you can save 27.6 lakh rupees in 23 years. And it can be assumed that you will get a return on the remaining money.

If you get a return of 10 percent?

If you get a return of only 10 percent, it will take a little longer. In that case, it may take 30 years to become a millionaire.

You can save 36 lakh rupees in this way. And you will get a return on the remaining money. However, it has been seen that such a low percentage rate of return is not usually available. The return is approximately 12 percent. However, the market is uncertain. So nothing is certain.

Note: Do not buy or invest in stocks after reading this article. It is written for information and educational purposes. Before taking any decision, take expert advice. Also, do your own research. Then invest in stocks.