Decoded: How Much You Need To Invest Through SIP To Become A Crorepati In 10 Years?
Wondering how much you need to invest through SIPs to turn into a crorepati in, say, 10 years? Lets find out through SIP calculator.
Who doesn¡¯t wish to become a crorepati? I am sure all of us do, right? If the luck gods are too kind on you, you may someday win a lottery and become a crorepati. But is it wise to just sit in the hope of that to happen someday, or instead put your hard earned money to work?
If you agree with the second option, then mutual funds SIPs can become your bestfriend. SIPs can help you to become a crorepati, without hurting your pocket too much.
Wondering how much you need to invest through SIPs to turn into a crorepati in, say, 10 years? Lets find out.
How SIPs Can Make You A Crorepati In 10 Years?
mutual fund sip/shutterstock
Using a goal-planning SIP calculator, we can estimate how money you need to invest through SIP to accumulate ?1 crore and hence, become a crorepati!
If you invest approx ?43,000 through SIP every month, you will be able to accumulate the ?1 crore target in 10 years.
Now you might be wondering that investing ?43,000 every month is not a cakewalk, and may not be possible for many. Well, that is exactly where the other types of SIPs come in to the rescue. Mutual fund SIPs are not only possible on monthly basis, but also weekly and daily basis.
So, if possible, you can break this Rs 43,000 down into daily or weekly amounts for SIP if you wish to accumulate Rs 1 crore in 10 years.
If you don't wish to do this, here are other amounts and tenures for which you can invest in SIP and become a crorepati:
How You Can Accumulate ?1 Crore If You Can Wait Longer Than 10 Years?
mutual fund sip 1 crore 10 years/shutterstock
If you invest approximately ?20,000 every month in SIP, you will be able to reach the ?1 crore target in 15 years.
If you invest approximately ?10,000 every month in SIP, you will be able to reach the ?1 crore target in 20 years.
If you invest approximately ?5,000 every month in SIP, you will be able to reach the ?1 crore target in 25 years.
Or if you want a much quicker option and have more money to invest, you can do SIP of approximately ?1.2 lakh every month to reach the ?1 crore target in just 5 years!
Also Read: 5 Types Of Mutual Fund SIPs You Probably Didn't Know About
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