Small Drops Make an Ocean! Yes, you can become a millionaire in the future with small investments. If you want to be financially secure, independent, and a millionaire, then you should start a Systematic Investment Plan (SIP) today. But the big question is — how can you become a millionaire in just 10 years? Let us explain this to you in today’s report.
How to Become a Millionaire with SIP in 10 Years
Today, many people are leaving bank fixed deposits and post office schemes. They are now choosing mutual funds because they give better returns, are easy to manage, and help in long-term savings. The most popular way to invest in mutual funds is through Systematic Investment Plan (SIP).
With SIP, you can become a millionaire by investing a fixed amount every month. It can give around 12% return every year. If you have a good plan, you can reach your goal.
Suppose you want to save ₹1 crore in 10 years. For this, you need to invest ₹43,500 every month. In 10 years, your total investment will be ₹52,20,000. You will earn a return of ₹48,86,749. So your total fund will be ₹1,01,06,749.
If You Can’t Invest Big from the Start
If you cannot invest ₹43,500 from the beginning, you can choose Step-Up SIP. In this, you start with a smaller amount and increase it every year. For example, if you start with ₹30,000 and increase it by 10% every year, your total investment will be ₹57,37,472. You will get ₹43,85,505 as return, and your total fund will be ₹1,01,22,978.
If you can invest more from the start, then regular SIP is good. If your income is growing every year, then step-up SIP is better.
But remember, these numbers do not count inflation. Also, mutual funds are risky, and tax may apply. So, always take help from a financial expert before investing.