new Delhi. Every man’s dream is to become rich. If you also want to become a millionaire by saving less, then this news is for you. Today we are going to tell you the idea of becoming a millionaire. This dream of yours can be fulfilled by investing in Mutual Funds through Systematic Investment Plan ie SIP. If you save Rs 10 a day and choose the option of investing in SIP, then you can build a corpus of more than Rs 10 lakh in the next 30 years.
In SIP, investors get the benefit of compounding and there is a possibility of higher returns in the long term. If you save 10 rupees every day, then this amount will become 300 rupees for a month. That is, by depositing Rs 300 every month, SIP that amount in mutual funds. You have to continue this investment for 30 years i.e. for 30 years (360 months) you have to invest Rs 300 every month.
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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 a bank RD, but here you get better returns than a bank. Every month a fixed amount is deducted from your bank account and invested in SIP.
SIP on daily basis can be beneficial for those people who are businessmen or are associated with such profession where there is daily income. The return you get in a daily SIP depends on the fund management, the type of fund they invest your money in. The returns in large cap funds remain the same, hence the investment in this fund remains safe.
In comparison to daily SIP, the installment of investment in weekly SIP is deducted from your bank account four times a month. You invest small amount. This reduces the risk of the market. When the market is down, more units come from the weekly SIP.
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Monthly SIP is the best option for small investors and employed people. It is very easy to manage it. Through this, if you can invest for a long time.
Tags: Earn money, SIP, Systematic Investment Plan (SIP)
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