Rich through SIP in MFs, it's a myth.
90% people invest around 10K to 15K per month in MF through SIP and remain invested for 5 to 6 years. Even with 12 to 15% CAGR, the corpus is too small to create any asset. Is it worth it. I wonder.
Please increase your salary and the amount of investment.
10k is very less.
Try a step-up calculator. I tried using these numbers :
- Monthly investment - 1,00,000
- Growth of investment - 11% pa
- Expected return - 12% pa
- Tenure - 10yrs
The total corpus value comes to 3,56,59,492 after only 10rs.
Instead of 10yrs, if you do for 15yrs [ 5 more yrs and not 15 more yrs ], you will have 9,22,12,830.99 [ 9.22 cr ]
Retirement after 15yrs? 😉
Do you think close to 10CR from now will beat the inflation after 15 years and yup 1 lakh is good amount expecting a return of 11-12% but saving and investing this much atleast asks you to have 2-3 years of work ex minimum to reach that number
Theoretically no.
But 10cr is a good amount.
Once you reach there, you can think what to do next.
SIP is not the way to become rich. It's a way to achieve savings through disciplined investment At the end, either business or a rich spouse would help you to get rich but each is fraught with its challenges
How to increase the salary!! And I am talking about those who can not invest more than 10 to 15K per month. Should they continue with SIP.
You increase your salary by switching jobs/industry/country etc if you are an employee. It's not easy, but it's worth it.