In today’s date everyone can become a Crorepati. But for this there should be willpower. Its simple formula is savings. You can become a millionaire even if you stop drinking tea. You might be wondering how someone can become a millionaire by giving up tea, let us tell you how this is possible.
This dream of yours can be fulfilled by investing in mutual funds through Systematic Investment Plan ie SIP. You can sip the remaining money instead of drinking tea. Many mutual funds have given tremendous returns over the long term.
By doing SIP 300 rupees every month for 35 years, you can become a millionaire. The
average price of a cup of tea is 10 rupees. In such a situation, if you stop drinking tea, that is, you save Rs 10 daily, then it becomes Rs 300 in a month. SIP it in mutual funds. If you do a SIP of Rs 300 every month for 35 years and get 18% return on it, then after 35 years you will get a total return of Rs 1.1 crore.
What is SIP
SIP is the easiest way to invest in mutual funds. Through this, you can invest in mutual funds every month. SIP is exactly like bank RD, but here you get better returns than bank. Every month fixed amount is deducted from your bank account and invested in SIP.
Daily SIP
SIP on a daily basis can be beneficial for those who are businessmen or those associated with a profession where there is daily income. The returns you get in daily SIP depends on the fund management, in which type of fund they invest your money. The returns in large cap funds remain the same, so investing in this fund is safe.
Weekly SIP
In comparison to Daily SIP, the installment of investment in Weekly SIP is deducted 4 times a month from your bank account. You invest small amounts. This reduces the risk of the market. When the market is down, more units come from the weekly SIP.
Monthly SIP
Monthly SIP is the best option for small investors and salaried individuals. It is very easy to manage it. Through this, if investment can be made for a long time.
