Interest rates on bank FDs have come down during the last few months. The same has happened in the interest rates of small savings schemes of the post office. It is clear that these savings are no longer beneficial. We are talking about such planning here, which will make it easy to convert savings into crores.
new Delhi. Everyone dreams of becoming rich, but not everyone dares to fulfill it. However, if better planning is done along with starting a job, then nothing can stop you from becoming a millionaire. Interest rates on bank FDs have come down during the last few months. The same has happened in the interest rates of small savings schemes of the post office. It is clear that these savings are no longer beneficial. We are talking about such planning here, which will make it easy to convert savings into crores.
If you are 25 years old and you want to deposit around Rs 2 crore at the age of retirement, then you have to invest Rs 5000 per month. Even if you get only 10% return on your investment, you will become a millionaire till retirement. For this, investment will have to be done through Systematic Investment Plan (SIP). This will reduce the risk on your investment and will also provide excellent returns, because money is invested in mutual funds through SIP. Experts say that in such a situation, at least the rate of 10 percent is available.
Age- 25 years
Monthly Investment: Rs 5000
Interest Rate: 10%
Retirement Age: 60 Years
Investment Amount: Rs 21 Lakh
Income from Interest: Around Rs 1.70 Crore
Total Amount: Around Rs 1.91 Crore
to be done at the age of 30 years work-If you are 30 years old and you want around 2 crore rupees at the age of retirement, then you have to invest 8 thousand rupees per month. Even if you get a return of only 10 percent on your investment, you will get about 2 crore rupees easily till retirement.
Age- 30 years
Monthly Investment: Rs 8000
Interest Rate: 10%
Retirement Age: 60 years
Investment Amount: 28.80 Lakh
Income from Interest: Rs 1.53 Crore
Total Amount: Rs 1.82 Crore
SIP motivates disciplined investment. Depositing some amount every month does not affect your budget. With the passage of time a large sum of money is collected. By starting the investment early through SIP, more returns will be earned, because it gives compound interest. For example, if Sohan accumulates Rs 1,000 at the age of 30 and gets 8% return on it, then he will get 12.23 lakh rupees after completing 60 years of age. At the same time, Ram deposits 1000 rupees at the age of 35 years and if he also gets interest at the rate of 8 percent, then after the age of 60 years, only 7.89 lakh rupees will be received. This shows that the difference of 50 thousand rupees in the beginning leads to a difference of more than 4 lakh rupees.
After all, why SIP?Investing through SIP can handle your investment as well as during the boom of the market, even in times of decline in the stock market. The cost of purchasing units of mutual funds is averaged when invested by SIP. Due to this, the risk on investment is reduced.