Many people claim that they cannot save money for less money. In fact, this claim is not true. Even if they have a low income, a person can save a lot of money. If they want, they can even save 1 crore rupees. And for this, just depositing 1500 rupees a month is enough.

Here is a calculation of SIP, where a person can become a millionaire even if he deposits only 1500 rupees a month. However, this will take more time. And if he wants to become a millionaire quickly, he will have to increase the investment amount many times.

How can he become a millionaire by saving 1500 rupees?

By doing an SIP of just 1500 rupees a month, a person can become a millionaire after 30 years. If he deposits 1500 rupees a month for 30 years, the total investment amount will be 5 lakh 40 thousand rupees. If he gets an interest rate of 14.8 percent on this, then the interest will be about 94 lakh 94 thousand rupees. As a result, the total amount after 30 years will be more than 1 crore 34 thousand rupees.

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What should you do if you want to become a millionaire quickly?

It is possible to become a millionaire in 15 years. In this case, you have to deposit 15,000 rupees for 15 years. If you get an interest rate of 14.8 percent, then after 15 years, the total deposit amount including principal and interest will be about 1 crore 18 thousand rupees.

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What to do before investing?

It is very important to choose the right fund for investing in mutual funds. For those who invest in small amounts, choosing a fund can be quite challenging. Because it requires research.

Note: Investing in mutual funds is subject to market risk. Therefore, it is important to seek the advice of an experienced professional before investing in mutual funds, especially before choosing a fund. This report does not provide investment advice, it only presents information.