Business News Desk – We all have heard the saying ‘money makes money’. It means that money has the quality that it makes many times more money than it makes. Just keep using it properly. Nowadays, after working for 25-30 years, youth are making money by investing. If you have not started investing till the age of 35-40 and now you are worried about what will happen next, then there is no need to worry. A formula of Systematic Investment Plan (SIP) can help you to become rich quickly. If you start using this formula from the age of 40, then by the age of 55 you will have a good fund ready.
how to become a millionaire in 15 years
To become a crorepati with your earnings, you have to understand the power of ‘compounding’, which can increase your money manifold. In compounding, you get return on return and if you start investing on time and take advantage of it, you can quickly create a big fund. The 15X15X15 formula to become a crorepati through SIP in mutual funds can be a hit at every age.
How will the 15x15x15 formula make you a millionaire?
Starting from the age of 40, do a monthly SIP of Rs 15,000 for 15 consecutive years. If you get an estimated return of 15% per annum on this, then by the age of 55, your total estimated fund will be Rs 1,00,27,601. The total investment in this will be Rs 27 lakh, while the interest received on it will be Rs 73 lakh. However, investing should always be started from an early age, so that a good fund can be created at the right time.
What are the benefits of SIP?
The interest earned on SIP is tremendous, because interest gets added to it through compounding. Initially, interest is received only on the principal amount, but then interest starts being received on interest and by investing a fixed amount every month, a fund of crores can be created quickly.
