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Want to become a millionaire as soon as possible, then you have to do this every month, know what

Mutual Fund: Everyone wants to become a millionaire as soon as possible by investing at least. So if you also want to become a millionaire soon, then you have to invest in Mutual Fund through Systematic Investment Plan (SIP), in which you can fulfill your dream of becoming a millionaire by investing a little every day. Also Read – Government changed the rules of National Pension System, crores of people will be benefited, know how

Every month you have to do this work…
According to Mutual Fund Calculator, to become a millionaire, you have to deposit 8 to 9 thousand rupees (maximum of 300 rupees per day) in a month. With this, you can easily prepare funds ranging from Rs 1.51 crore to Rs 1.7 crore till the time of retirement. Also Read – Central government can soon announce the biggest relief package, know what will be the benefit to you

This is the opinion of expert Also Read – EPFO: Now there will be no tension of pension after retirement, do not have to run away, know plan

Speaking to our associate website Zeebiz.com, Karthik Jhaveri, director-wealth management, Transcend Consultants, said that one can get at least 12% return in equity mutual funds if the time for investment is more than 15 years. However if the time goes beyond 20 years, it can give up to 15 per cent returns depending on the type of mutual fund scheme selected for investment.

Jhaveri said that if a person wants at least Rs 1.5 crore after 25 years, then one should invest more than Rs 500 to 1,000 to be confident about achieving their investment target. If a mutual fund investor has a fund target of Rs 1.5 crore, he should invest Rs 9,000 per month.

Know the calculation like this

Keeping an annual return on mutual fund SIP at 12 per cent, if a person invests Rs 8,000 per month for 25 years, the mutual fund calculator says that after 25 years the maturity amount will be Rs 1,51,81,081. During this time the person will invest Rs 24,00,000, while the interest earned during the investment period will be Rs 1,27,81,081.

This is how you will become a millionaire
According to the mutual fund calculator, if you invest Rs 9,000 per month in a SIP for 25 years with a 12% return, the maturity amount will be Rs 1,70,78,716 (Rs 1.7 crore). This net maturity amount will have a net investment of Rs 27,00,000 (Rs 27 lakh), while Rs 14,378,716 (Rs 14 lakh) will be the net interest earned during the entire investment period.