Most people have a latent desire to become rich. However, for this, along with working hard, you have to save a part of your income. You can do that by investing. That will accumulate a large part of your money. You can even become a millionaire. And becoming a millionaire is not a very difficult task. In this case, you can become a millionaire by following the formula of 21X10X12 per month. So know exactly how this formula works.
This formula is related to SIP
Experts have said that the 21X10X12 formula is a way to invest through SIP. If you follow this formula, you will become a millionaire. You will not have to worry about money in the future. You will be surprised to know that you can get a return of up to 1 crore rupees through a SIP of 10,000 rupees.
You will get the benefit of long-term compounding power
Keep in mind that mutual funds will not make you a millionaire overnight. However, if you invest regularly, you will get great profits. So you have to start early. In this case, if you invest for a little longer, you can get more than 18 percent return. However, in most cases, the return is between 12 and 16 percent.
What is this formula?
The 21X10X12 formula will make you a millionaire. Its calculation is very simple. Suppose you are 30 years old. And you start investing through this formula. Only then will you get profit. You will become a millionaire.
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In this case, 21 means 21 years. 10 means investing 10 thousand taka every month. And 12 means a return at the rate of 12 percent.
Let’s do the calculation now. In this case, you will save 252000 taka in 21 years. If you get interest at the rate of 12 percent on this, then it will come to 7910067 taka. Then 10430067 taka has accumulated in your mutual fund account. You will become a millionaire at the age of 51. And if you get a return of 16 to 18 percent, then more money will be deposited in the account.
Disclaimer: Do not buy or invest in stocks after reading this article. It is written for informational and educational purposes. Before making any decision, take expert advice. Also, do your own research. Then invest in stocks.