look news india
New Delhi: Becoming a millionaire is not rocket science, it is just money management, which not everyone understands. It requires a balance between spending, saving and investing, as well as some patience and discipline. If you have these qualities, then you can become a millionaire in just a few years. Here is how to become a millionaire in just 15 years. That is, if you follow this formula at the age of 25, then you can make yourself a millionaire in 40 years. Find out what you have to do.
Know what you need to do
To become a millionaire, you have to save and invest as much money as possible. This investment has to be made in a scheme that gives you big returns over time. So mutual funds can be a great option for you. You can become a millionaire in just 15 years by investing through SIP with the formula of 15X15X15. Being linked to the market, there is no guaranteed return in SIP. Its return is based on the market. But in the long term, through this scheme, you can get the return which is not possible in any government scheme. The average return in the long term is considered to be 12 percent. But often a return of 15 percent or more can be obtained. In SIP, you get the benefit of compound interest and wealth creation happens very fast.
How to become a millionaire?
According to 15X15X15, you will have to invest Rs 15000 every month for 15 years in any such scheme. In which you can get 15 percent interest. Here we are asking you to invest in SIP because there is a possibility of getting such a high return in SIP right now. Adopting the formula of 15X15X15, if you invest Rs 15000 monthly in SIP, then the total investment in 15 years will be Rs 27,00,000.
If you get 15% interest on this, then it will be Rs 74,52,946. If you add the invested amount and the interest in this way, then a fund of Rs 1,01,52,946 will be ready in 15 years. But if the rate of return is 12%, then it will take 17 years to become a millionaire. In this, you will have a fund of Rs 1,00,18,812 in 17 years.
The sooner you invest, the sooner you will become rich.
The sooner you start investing, the sooner you can become a millionaire. But for this, your monthly income should be around Rs 80,000, so that you can fulfill your needs and also save. According to financial rules, 20 percent of the income should be saved and then invested. If your monthly income is Rs 80,000, then 20 percent of it becomes Rs 16,000. In that, you can invest Rs 15,000 in SIP.
