Investing in SIP? These smart tips can make you a crorepati in 30 yrs
Image credits: Pexels
Right investment for retirement
To avoid financial hardship in old age, you should invest while you are employed. It is important to invest in the right place to build funds by the time of retirement.
Regular SIP
If you regularly invest money in SIP, you can build a fund of Rs 5 crore in 30 years.
How much SIP should be done to get Rs 5 crore?
If you start today and invest Rs 15,000 every month in SIP, you can get Rs 5 crore in 30 years.
Compounding benefits are available in SIP
SIP provides the benefit of compounding due to regular investment. 15% interest rates are best for buliding substantial funds. Even with 12% interest, you will get good returns.
How much is Rs 15000 SIP per month for 30 years?
If you person invests Rs 15000 every month in a good SIP for 30 years, total deposited amount will be Rs 54 lakhs.
Rs 5.29 crore after 30 years with 12% interest
Considering a return of 12% on this, after 30 years, you will get Rs 4,75,48,707 including compound interest. Including the principal, your total amount will be Rs 5,29,48,707.
Rs 35 lakh in 10 years, Rs 1.5 crore in 20 years
According to this formula, you will get Rs 35 lakh after 10 years, about Rs 1.5 crore after 20 years and Rs 5.29 crore after 30 years.