Knowing powerful funds will make you a millionaire in just 1000-5000 rupees.

SIP: Money is definitely needed by every person, but when it comes to savings, it is said that money is not saved due to high expenses. Do you only deposit when saving costs? Yes, it is another matter that we will definitely be tempted by other people's wealth and their lavish lifestyles. Those who say this in the name of savings can also become millionaires. You will be surprised to know that even a person earning Rs 20,000 per month can become a millionaire. He must know the powerful fund to save money and the name of this powerful fund is SIP. SIP stands for Systematic Investment Plan. In typical Hindi, you can also call it a plan to save money or invest it properly. Come on, let us know about this powerful no-nonsense fund. What is a proper investment plan? SIP is commonly known as Systematic Investment Plan. In Hindi it is called Systematic Investment Scheme. SIP is neither a government scheme nor an insurance scheme of any insurance company, but a scheme in which an individual invests systematically is called SIP. Nowadays asset management companies do this job. Through SIP, people invest in mutual funds and earn huge returns on this investment. How to become a millionaire with 20,000 rupees? The answer to this question is quite simple, but it can be a little difficult to understand and implement. A person earning a monthly salary of Rs.20,000 should be patient enough to take risks in long-term investments. Understand that if your salary is Rs.20,000, your age is 30 or 33 and retirement age is 58, investing through SIP can make you owner of at least Rs.1 crore in next 22 to 25 years. There are This is how you will become a millionaire with 5000 rupees. Suppose you get a job at the age of 30 and the salary is 20,000. Now, to celebrate getting a job, deduct Rs 5,000 from your first salary and deposit it in a mutual fund. Depositing money in mutual funds earns 15% interest per annum. Now you deposit Rs 5000 every month for 22 years. When you deposit Rs.5,000 every month for 22 years, your total investment will be Rs.13.20 lakh. The income from this is around Rs.90,33,295. Now if you add the total investment amount of Rs.13,20,000 and return on it of Rs.90,33,295, Rs.1,03,53,295 will be deposited in your account. That means you will become a millionaire by the age of 52. You can become a millionaire even if you deposit 1000 rupees every month. For this you need to extend the year. Now you have to invest 33 years instead of 22 years. By depositing Rs.1000 every month for 33 years, your total investment will be Rs.3,96,000. Now at 15% annual interest, you will get back around Rs.1,06,12,645 in these 33 years. If you add the investment amount and the income, your total equity will be Rs.1,10,08,645. Also Read: If you have opened your daughter's account in Sukanya Samriti Yojana, save it, otherwise invest in SIP, research the market and choose a good mutual fund that suits your pocket and be compatible with risk tolerance. After this, prepare the necessary documents for the investment. These important documents include PAN card, address proof, check book and passport size photograph. Update KYC of your bank account. After this, contact mutual fund experts or asset management companies or banks. After doing this, you will start investing in mutual funds through SIP. Also Read: Namkeen And Cancer Drugs Get Cheap Now It's The Turn Of Health And Life Insurance Premium: Prabhat Khabar Does Not Advise Investors To Invest In Any Mutual Fund Or Shares It is subject to market risks. This calculation is published for the reader's perusal. Before investing in SIP, definitely consult its expert and take any decision only after that. Also Read: PNB customers please take note, your wallet is going to shrink from October 1. The post Just 1000-5,000 rupees you can become a millionaire, only then you will know the power of finance appeared first on Prabhat Khabar.