Many people dream of becoming a millionaire. They want to plan like that. But the problem is, since they do not have a lot of money in hand, they assume that fulfilling that dream is not possible. However, experts say that with proper financial planning, you can easily save 1 crore taka. And for that, you have to save a lot of money every month. Rather, you can become a millionaire by saving only 5 thousand taka every month.
According to experts, instead of making FD or RD in the bank, you should invest in mutual funds. In that, your saved money can grow at a rate of 12 percent every year. As a result, you can become a millionaire.
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A few words about mutual funds
Nowadays, almost everyone knows about mutual funds. But for those who don’t know, let me explain it in a few words.
Actually, in the case of mutual funds, you don’t invest directly in stocks. Rather, you invest money in a mutual fund. Now, according to the theme of that mutual fund, an expert invests money in different stocks. And the expert who invests your money is called a fund manager. He decides when to invest in which fund. How much money to invest, etc.
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And it has been seen that mutual funds in the Indian market give an average return of 12 percent every year.
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Here, let me tell you one more thing. Actually, there are two ways to invest in mutual funds. First, you can invest money at once. This is called lumpsum. And you can also invest money every month. This is called SIP. And it is possible to save 1 crore rupees through SIP.
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How many days can it take to reach 1 crore?
Let’s say you are doing SIP of Rs 5,000. And you get a return of 12 percent. In that case, it may take you 29 to 30 years to accumulate Rs 1 crore.
In this case, you will accumulate Rs 18 to 19 lakh in 30 years. You will get a return of Rs 81 to 82 lakh on that money. As a result, you will be able to accumulate Rs 1 crore.
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However, if you get a little more return, let’s say if you get money at a rate of 14 percent, then you will accumulate Rs 1 crore in 26 years. Besides, if you get a return of 15 percent, it may take you 24 thousand taka. So start accumulating money from now.